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RBC to cut further jobs in Luxembourg
Economics

RBC to cut further jobs in Luxembourg

31.01.2014 From our online archive
The Royal Bank of Canada group plans to “optimise” operations in Luxembourg and has started negotiations with employee representatives about job cuts.

(CS/lc) The Royal Bank of Canada group plans to “optimise” operations in Luxembourg and has started negotiations with employee representatives about job cuts.

While business magazine paperJam reports that some 40 jobs could be lost, a spokesperson for RBC in London could not confirm this number. “We are in talks with staff representatives to find a solution,” he said.

The aim, however, is to limit the number of redundancies and instead cut Luxembourg staff numbers through attrition or the redistribution of workers to other branches.

RBC Investor Services wants to avoid another social plan. In March 2013, RBC signed a social plans with unions to axe 210 jobs.

RBC Investor Services is based in Belval. Originally a cooperation between RBC and Dexia, RBC Dexia became RBC Investor Services after the departure of the Belgian partner.

Currently employing over 1,400 people, the future of the site is not being put into question. According to spokesperson Adam Lister it continues to play an important role in RBC's fund management sector.