RBC Investor & Treasury Services has announced that over 300 jobs will go at their operation in Esch-Belval in a cost-cutting exercise, despite the company posting a €5.7 billion profit for shareholders; the news confirms rumours that have been circulating for some time.
This move follows a previous cost-cutting exercise by the same organisation in 2013 which affected 210 staff.
Out of a total of 1,170 permanent staff and 320 consultants engaged at Esch-Belval, 226 employees and 79 consultants will be cut from the workforce, with trade unions to work on a social plan with voluntary redundancies being considered.
It is understood that the work of at least some of the staff affected will be moved to Malaysia.
RBC Investor & Treasury Services has supported a number of activities in Luxembourg as part of their Corporate Social Responsibility strategy, including the Race for Kids in aid of the Croix Rouge Luxembourg which started in 2015, sponsored by Royal Bank of Canada (RBC). This event was first organised in New York in 2008 and subsequent events in international cities, including London, Sydney and Hong Kong, have raised more than €10 million for children around the world.