Thread regarding Royal Bank of Canada layoffs

Yes, layoffs are happening at RBC

Things will get worse. I see that all companies have thriving boards here on layoffs dot com but no discussions here even though I see discussion threads with 100s or 1000s of views. Why are RBC so silent - fear? Yep, that's the culture here at RBC, rule with fear and hope that people will just put up with all that management BS.

Meanwhile, the executive lineup keeps increasing bonus payments, compensation keeps going up - the little guy is silent and will be discarded as the need be.

Sad times in Toronto...


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Post ID: @OP+NTqjZx8

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Start up pay all contributors, even the little guy. Here the benefits of the startup at the bank are for the executive and entourage. The little guy works and sleeps under his/her desk on can food wages and when product is built he/she can be canned. Lowly paid contractors from Indian consulting companies supply this labour.

Post ID: @kxnqg+NTqjZx8

RBC Investor & Treasury Services is planning to cut 305 staff at its Belval HQ, according to media reports.

The bank, a subsidiary of one of Royal Bank of Canada, is preparing to implement a new redundancy plan, according to the Luxembourg Times, which cited “two sources familiar with the matter”. It currently employs 1,170 staff and 320 consultants in Luxembourg following a cut of 201 jobs from its payroll back in 2013.

The new redundancy plan will affect 226 permanent and 79 external consultant positions. RBC Investor & Treasury Services has its headquarters in the iconic red tower at Belval–it was one of the first businesses to move into the new neighbourhood of Esch back in 2006 when it was forged in a joint venture with Dexia. In 2012 RBC took over 100% of that company.

Media reports cite an RBC spokesperson saying that the job cuts will be managed through natural redundancies and redeployment.

Post ID: @ecxra+NTqjZx8

Layoffs are mostly for Managers and above up to Senior VP levels because of consolidation of teams and departments. Board and CEO's want banks to be nimble and startup like structure.

With automation and IBM-Watson not many decision makers required (as it used to be before) hence most of the managers and above at all banks BMO, TD, Scotia, RBC etc. will be let go in the coming weeks.

Even 50% Business & 50% Technical project managers with PMP but with no projects will be let go.

People working on older technologies or older systems will also be cut.

With all of the above the numbers will be in thousands.

Post ID: @gyv+NTqjZx8

Fear. Hmmm... A lot of cannot open this at work - also, using personal phones. No company phones should be used, computers too.

Post ID: @rpm+NTqjZx8

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