There will be layoffs at the Royal Bank of Canada (RBC), according to RBC’s Managing Director, Nathaniel Beneby Jr.

While he could not confirm exactly how many jobs have been made redundant as the bank’s “holistic” review of costs continues, Mr Beneby said he was confident that net reductions would be “favourable”.

The Bahama Journal understands that as many as 200 people may be let go from the bank.

The announcement came during a press conference on Friday where Mr. Beneby announced that RBC will establish a third shared banking location with RBC FINCO.

“There will be job redundancies as a result of these initiatives,” he said.

“The good news is that those employees that are impacted are looking and applying for other job opportunities within RBC and in fact some of them have already secured alternative positions within RBC. The net reduction has not been finally determined, but as a leading and responsible corporate citizen, Royal Bank respects and values its employees and [for] those who will be disengaged, we have enhanced packages.”

Mr. Beneby added that the bank is providing very strong support to its employees.

“We value their contributions over the years, but, of course, these are changing times and circumstances where we have to make these decisions that are never easy,” he said.

“But we want to assure you that we are providing very strong support and enhanced packages.”

RBC FINCO’s main branch will be moved from the Financial Centre on Shirley and Charlotte Streets to RBC Royal Bank’s main branch on Bay Street.

RBC FINCO’s Mortgage Centre, located at the Prince Charles Shopping Plaza, will also be consolidated with services to be offered at the shared banking location on Carmichael Road.

“These decisions are part of RBC’s strategy to better serve our clients while operating more efficiently,” Mr. Beneby said.

There will be no changes to RBC FINCO in Palmdale or the location at Robinson Road.

The shared locations will feature shared teller services, such as cheque cashing, deposits, and other over-the-counter services, to allow for a more convenient customer service line.

“The changes will create more convenience for clients by allowing them to do all their banking at one location,” RBC FINCO Managing Director Tanya McCartney said.

“We have seen the success within our first two shared locations and we wish to replicate that success. We are fully committed to ensuring a smooth, uninterrupted transfer of our customers’ accounts and continuing to meet our clients’ expectations.”

The changes will be effective May 5 at the RBC Carmichael Branch; May 12 at the Bay Street branch and May 19 at the RBC Freeport branch in Grand Bahama.