RBC

Type
Internal restructuring
Country
Luxembourg
Region
Luxembourg; Luxembourg; Luxembourg
Location of affected unit(s)
Esch-sur-Alzette
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
64 - Financial service activities, except insurance and pension funding
243 jobs
Number of planned job losses
Job loss
Announcement Date
22 February 2021
Employment effect (start)
Foreseen end date

Description

The Royal Bank of Canada (RBC), is to layoff 243 employees in Esch-sur-Alzette, the second city in Luxembourg. 

A social plan with unions has been already signed in December 2019 and extended until the end of 2021. Thus, employees affected by the social plan who will find a new job during the current social plan will be able to benefit from 100% of the legal and non-legal benefits of the social plan.

The news follows 210 redundancies in 2013 and 201 redundancies in 2019. 

Sources

Citation

Eurofound (2021), RBC, Internal restructuring in Luxembourg, factsheet number 103914, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103914.