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RBC Exclusive: 2% Employee-Cutting Plan Explained

Canada’s largest bank, RBC (Royal Bank of Canada), has revealed its plans to reduce its workforce by around 2% in the upcoming quarter. This decision comes as RBC faces increased expenses, which rose by 23% to C$7.86 billion ($5.8 billion) in the third quarter.

RBC's Cost Reduction Strategy: Outside the Bank's Offices as Plans to Cut Staff Are Announced. Photo: Jenn Altop/iStock
RBC’s Cost Reduction Strategy: Outside the Bank’s Offices as Plans to Cut Staff Are Announced. Photo: Jenn Altop/iStock

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