RBC reveals profit rise in quarterly earnings, against the backdrop of the job cuts

Job Cuts. Representational Image by Shridhar Gupta

#RBC; #RiseInProfit; #Jobcuts; #RBCJobCuts

Toronto/CMEDIA: Since the start of May, Canada’s biggest bank the Royal Bank of Canada (RBC) reportedly revealed in its quarterly earnings on Thursday that it has cut about one percent of its workforce and is planning to cut up to two percent more this quarter. 

RBC, the most valuable company listed on the Toronto Stock Exchange, the quarterly results revealed on Thursday showed profits increased by $295 million to $3.9 billion, as just about all divisions of the bank’s multifaceted business showed growth due to job cuts.

The strong financial resulted, the bank revealed by trimming jobs and its plan for more job cuts.

CEO Dave McKay reportedly told analysts in May that it had over-hired in recent months and added,

“Honestly, we overshot — we overshot by thousands of people.”