Royal Bank of Canada to cut 450 jobs

FILE PHOTO - A Royal Bank of Canada (RBC) sign is seen outside of a branch in Ottawa, Ontario, Canada, May 26, 2016. REUTERS/Chris Wattie/File Photo

TORONTO (Reuters) - Royal Bank of Canada, Canada’s biggest lender, said on Wednesday that it would cut 450 jobs, primarily from its head offices in Toronto, as part of a restructuring enabling it to invest more in new technology.

Canada’s biggest banks have been cutting jobs in response to customers banking more online and new technological advancements which have allowed them to automate some roles.

“We consolidate where necessary so that we can re-invest in key areas including digital, data, new technology as well as investment in high growth business areas,” RBC said in a statement.

The bank said it would also be making hundreds of changes that include promotions, transfers, creation of new roles and new teams as well as outsourcing some roles.

Last month, RBC reported an 11 percent increase in second quarter earnings, beating market forecasts, helped by a strong performance in its capital markets and wealth management businesses.

Reporting by Matt Scuffham; Editing by Bernard Orr