RBC Layoffs Today
Heard it was a bunch of people in global markets, a mix of seniors and juniors. Including someone at the bank for 30 years on a desk.
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almost every single analyst 3 cut + a lot of analyst 2’s from 5+ different coverage groups. pretty huge
Wow which groups? Was this Markets only or was GIB included?
Very similar thing happened at TD this summer
Heard some backoffice folks in Toronto too
heard 3+ people in M&A were cut, associates and analysts
Wow 3+ sounds a lot
15-20 people in the US. Sounded like 2-3 people per group were cut. From what I can tell it was the low performers
Not all low performers, these were headcount rationalizations so while you start with low hanging fruit, if the orders are to cut a team by 5 people and only 1 is a low performer, then people who are mid and above can still be on the chopping block.
Most banks are going to do more cuts by end of Q3/Q4.
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