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

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/ ]