RBC NYC Layoffs
just days after the news about the dead associate, heard from guys at rbc that they are laying off bankers in the new york office citing slowing economic activity. analysts to directors as of now
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https://www.bloomberg.com/news/articles/2023-04-18/rbc-cuts-more-than-d…
just 12 people out of 1,000?
This is a weird thing to develop as a news story. They aimed to cut 1% of a 1,000 person group, they let go of 12 people and it's a big deal. It's a good thing they didn't try to sell any bank assets or they'd be the next SVB
That article is vague and not complete. Sure it was more than low teens. The facts will unfold
I’m told it was > 100
>100 out of 1000?
What's your source? I've talked with a handful of analysts there and no one has mentioned cuts or alluded to them. One event went so far as to say that the sentiment within is that RBC is better positioned for a downturn than other places.
I don’t know a number but maybe wouldn’t be that skeptical. Know two people within my former group who were cut.
There were definitely cuts but your friend was also right - assessed objectively, RBC is literally one of the safest banks in the world. The world would need to collapse for it to pull an SVB and go under, but that doesn't mean they won't cut based on the market outlook. The cuts that did happen are less deep than the average wall street bank but that doesn't help the people who were let go.
I'm in the org. I personally know 1 MD let go but the #'s quoted were hearsay.
Have heard it was ~20 people in NYC
Layoffs are happening outside just NYC
We could fire half of IB and the place would run the same. Snip snip baby
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