RBC bankers fear layoffs as pledge to keep HSBC staff nears end, sources say

Employees of the Royal Bank of Canada (RBC) who transitioned from HSBC Canada are increasingly anxious as the six-month job guarantee linked to their acquisition nears its end. According to sources, while RBC has successfully placed nearly 80% of the 4,500 former HSBC staff, many remain uncertain about their roles and responsibilities. Toronto-based employment lawyer Lior Samfiru said his team had been contacted by former HSBC employees who were worried about losing their jobs, and others who had not yet received voluntary packages. “It would have been very naive for anyone to think that there’s not going to be significant duplication and a significant loss of jobs over time because of this merger,” Samfiru said, adding “There’s a real concern here about future employment.” RBC has assured employees that those without roles post-guarantee will receive severance packages exceeding legal requirements.