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Some of the people, who asked not to be identified discussing personnel changes, said the lender’s RBC Capital Markets division is laying off more than a dozen of its US investment banking team, which consists of about 1,000 employees. This step follows its decision to lay off about 1 percent of the group last September.
A spokeswoman for RBC said the changes affect a small number of employees as the bank regularly reviews business strategy, the operating environment and how the company allocates resources. She said RBC continues to invest in areas of opportunity and expects the total number of employees to be flat or high this year.
The bank also hired. It has recently added top talent from organizations such as Credit Suisse Group AG and SVB Securities.
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Wall Street has counted on headcount cuts and hiring freezes to help contain costs amid inflation, lower deal activity and the prospect of an upcoming recession. Jamie Dimon, CEO of JPMorgan Chase & Co., said this month that the bank’s headcount is set to remain unchanged for the rest of the year.