RBC Investor & Treasury Services, a subsidiary of the Royal Bank of Canada, are planning to make 305 of their staff in Luxembourg redundant.
The company currently employs 1,170 workers and 320 consultants. Reports suggest that 226 permanent staff and 79 consultants will be laid off under the plan, starting in January 2020.
RBC Investor & Treasury Services moved to Belval, a neighbourhood of Esch-sur-Alzette, in 2006. 210 employees were laid off in 2013 under a similar cost-cutting move.