The coronavirus has sparked turmoil in markets and disrupted business operations, but it won’t cost RBC employees their jobs in 2020.
“Our strength has and will always be our people. And while we’re all living in stressful and uncertain times, we don’t want RBC employees to worry about their jobs,” CEO Dave McKay wrote to employees at the Canadian bank. “That’s why our leadership team has committed there will be no job losses at RBC in 2020 as a result of COVID-19.”
RBC has approximately 85,000 employees worldwide and operates a U.S. wealth management business with approximately 2,000 financial advisors. The U.S. wealth management unit had approximately $437 million as of Jan. 31, according to the company. It generated $1.2 billion in revenue last quarter.
An RBC spokesman said the bank has also not enacted a hiring or pay freeze. McKay’s announcement comes as other industries, such as retail and hospitality, lay off workers in spades.
In mid-March,
More than 10 million Americans
So far banks and wealth management firms have shied away from mass layoffs even as markets have tumbled.
Still, wealth management firms have had to adapt quickly to cope with the fast-spreading pandemic by shutting branches, curtailing travel and ordering advisors to work from home.
For his part, McKay thanked RBC employees for their tireless efforts, noting how clients were grappling with uncertainty and unprecedented challenges.
“This is one of the most critical moments for RBC and our industry. Your work has never been more important,” he wrote.
