RBC plans thousands of job cuts after profit beat; TD misses on higher expenses
Royal Bank of Canada (RBC) plans to cut about 1,800 jobs and warns of a softer economy ahead as it beats analysts' estimates for the third quarter.
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Posted 8/24/2023, 11:47:00 AM
reuters.com
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Royal Bank of Canada plans to cut one to two percent of its full-time equivalent employees next quarter in order to reduce costs ahead of an expected economic slowdown.
RBC warns of slowing domestic growth, plans to cut jobs, and cites evidence of slowing labor markets and increased unemployment, while TD misses profit estimates due to higher expenses and weakness in US business.