Thread regarding Royal Bank of Canada layoffs

Banks like TD, Scotia, RBC, BMO, HomeTrust etc. will soon give the same news in more and more numbers

Layoff number is not just 450. But in thousands from business staff and business support staff across the board.

Nothing personal but the overall banking business is changing because of disruptive technologies, cloud, automation etc. The banks have to survive in this changing market and they have no alternative except to let go off people. Banks like TD, Scotia, RBC, BMO, HomeTrust etc. will soon give the same news in more and more numbers. Folks the market itself is changing and the banks are forced to change, again its nothing personal.

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Post ID: @OP+NUkZg1v

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Massive layoffs (>50%) coming to TD/RBC/BMO/Scotia/National/HomeTrust/CMHC/Canada Gurantee/SunLife/AmericanExpress (Project Managers, Senior Managers, Directors, Senior Directors, VPs, Senior VPs).

HUGE Cost Cutting because of Automation + dwindling Real Estate and Increasing Debts in GTA and elsewhere

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Post ID: @Jnbs+NUkZg1v

The market is changing indeed - FinTech is here to stay and things will accelerate as time goes on - I see most of the banks losing up to 50% of all staff as more technology creeps in.

Branches will be smaller, there will be less of them - there is your 50% headcount reduction right there.

Cable TV is dying for god-sake - out of all things this was the last one that I thought may go.

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Post ID: @gny+NUkZg1v

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