Royal Bank of Canada (RBC) is nearing the end of its six-month commitment to retain around 3,000 former HSBC Canada employees, part of its $13.4 billion acquisition. As this deadline approaches, some HSBC staff express uncertainty about job security. While RBC has reassured that 80% of HSBC workers have found roles, concerns persist about layoffs and unclear responsibilities for some employees. This situation highlights ongoing pressures in the Canadian job market, where mergers often lead to job overlaps and workforce restructuring. RBC plans to meet cost synergies by 2025 through shared services and other efficiencies.

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Nivedita Balu’s original article, “RBC bankers fear layoffs as pledge to keep HSBC staff nears end, sources say” was published in CTV News on September 24, 2024. Read the Full CTV Newsstory.