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Exclusive: Canada's RBC lays off some employees related to HSBC acquisition, sources say

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Canada's largest lender Royal Bank of Canada laid off some employees as a result of changes at its business segments following the C$13.5 billion acquisition of HSBC's domestic business last year, two sources with direct knowledge of the layoffs told Reuters.
Royal Bank of Canada (RBC) has begun laying off employees as part of its integration process following the acquisition of HSBC Canada, according to sources cited by Reuters on March 7, 2025. The layoffs are primarily affecting staff in overlapping roles between the two banks, with the exact number of job cuts not disclosed. RBC completed its $13.5 billion acquisition of HSBC Canada in late 2024, aiming to expand its market share in Canada. The bank has stated that these layoffs are part of a broader strategy to streamline operations and achieve cost synergies, although it has also committed to offering support and severance packages to the affected employees.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/canadas-rbc-lays-off-some-employees-related-hsbc-acquisition-sources-say-2025-03-07/ ]