RBC cuts 10 U.S. investment banking jobs, spokesperson says

TORONTO, Sept 29 (Reuters) – Royal Bank of Canada (RBC) cut about 10 jobs at its U.S. investment banking division last week, a bank spokesman said in an email on Thursday.

The cuts, which represent 1% of its US investment banking division, were in line with “normal attrition” and the laid off staff are part of the US capital markets division, the spokesman said.

RBC is Canada’s largest bank and its capital markets business saw a 58% decline in net income in the third quarter to C$479 million ($350 million), primarily due to the impact of loan underwriting curtailments of C$385 million in the United States.

RBC’s US businesses include retail banking, capital markets, wealth and treasury services and wealth management.

Bank of Montreal (BMO.TO) has also laid off staff from its U.S. financial markets division, a bank spokesperson said earlier this month, without giving details.

Rapid interest rate hikes by the US Federal Reserve to rein in runaway inflation have rattled global financial markets, dampening corporate appetite for deals and making them wary of stock and currency offerings. debt securities.

In July, Goldman Sachs Group Inc warned it could slow hiring and cut spending as the economic outlook deteriorates. Read more

(This story corrects number of job cuts to 10 of 30)

($1 = 1.3697 Canadian dollars)

Editing by Richard Chang and Gerry Doyle

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