In a statement to Bloomberg, a spokesperson for City National Bank said the job cuts impacted “a targeted number of roles in some parts of the business.”
“We regularly review our staffing plans and models to ensure they align with our strategic priorities and allow us to best serve our clients and communities,” the spokesperson said further.
City National Bank, sometimes referred to as the ‘Bank of the Stars’, was acquired by the Royal Bank of Canada (RBC) in 2015 for $5 billion.
It has since tripled its assets to approximately $100 billion by leveraging RBC’s capital markets and wealth-management services to diversify its client base and enter the jumbo-mortgage market.
But this expansion has not been without its challenges, Bloomberg reported, with RBC needing to inject capital into City National to stabilize its financial position.
Source: mpamag.com