Major Bank Set to Cut Close to 500 Jobs in GTA

One of Canada's biggest banks is set to cut a sizeable number of positions.

The Royal Bank of Canada (RBC) recently announced that approximately 450 employees will be laid off, most of whom currently work in the company's head office locations throughout the GTA.

RBC said it's "making changes that focus on the capabilities that we need now and in the future to meet our clients' evolving needs." The major financial institution said that it must consolidate where necessary in order to re-invest in such key areas as digital, data and new technology.

The company said it's also looking at investing in high growth business areas.

"We are making hundreds of changes that include promotions, transfers, creation of new roles and new teams as well as introducing new capabilities from outside our organization," RBC said in an email statement. "We have also made some difficult decisions, and approximately 450 people will be leaving RBC, primarily from our Head Office locations in the GTA."

The company says it will provide support and assistance to those affected by the initiative, including continued salary and benefits for a period of time and external career transition services.