RBC Restructures Following HSBC Acquisition, Leading to Layoffs

Canada's largest bank adjusts operations and leadership as part of its growth strategy, with job cuts affecting multiple divisions.

Royal Bank of Canada (RBC) has laid off employees across technology, operations, personal banking, and commercial banking divisions as part of a business reorganization.
The layoffs follow RBC's $13.5 billion acquisition of HSBC Bank Canada in 2024, which increased its workforce by 5% to 94,624 employees by January 2025.
RBC has been restructuring its business segments, including separating personal and commercial banking into standalone units and reshaping senior leadership roles since last year.
The bank has not disclosed the total number of layoffs but stated that the changes aim to simplify operations and position RBC for future growth opportunities.
CEO Dave McKay received a 60% pay increase in 2024, partly due to his role in the HSBC acquisition, bringing his total compensation to $24.5 million.