(Bloomberg) -- Royal Bank of Canada is cutting as many as 40 jobs at its investment bank in London, according to people familiar with the changes.
The reductions are across RBC Capital Markets and affect areas including investment banking, equity sales and trading, and research, according to the people, who asked not to be identified because the moves haven’t been publicly announced. The cuts represent about 2% of the division’s workforce in the British capital.
“We consistently review our businesses to ensure that we are investing in areas which deliver greatest client and position our business for growth,” Mark Hermitage, a spokesman for RBC Capital Markets, said Tuesday in an interview. “We are consulting with a small number of U.K.-based employees on the potential impact to their roles following a recent business review.”
Royal Bank has more than 2,000 employees in RBC Capital Markets in London, and the firm has been adding to those ranks in recent years.
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