2024-02-15 00:37:03
City National Bank, the U.S. subsidiary of Royal Bank of Canada, has cut around 100 jobs following recent financial losses, management changes and a $65 million regulatory fine.
“We regularly review our recruitment plans and models to ensure they align with our strategic priorities and enable us to best serve our customers and communities,” a City National spokesperson said in a statement. .
The job cuts follow the announcement of several layoffs by US banking giants, including Wells Fargo, Bank of America and Citigroup, as deals dried up and borrower demand weakened last year. last.
Last month, the Office of the Comptroller of the Currency (OCC) fined City National, finding that the lender had engaged in unsafe or questionable practices, including failing to implement effective currency management. risks and internal controls.
The OCC had issued a cease and desist order requiring the bank to take general and comprehensive corrective actions to improve its strategic plan.
Last November, City National Bank named Howard Hammond as chief executive officer and Chris Doll as chief financial officer.
RBC injected regarding $2.95 billion into the U.S. unit in October to bolster its capital, part of management’s moves to improve City National’s profitability.
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