02:43 PM EST, 03/07/2025 (MT Newswires) -- (Updates with remarks from RBC spokesperson starting in the first paragraph.)

Royal Bank of Canada ( RY ) is cutting an unspecified number of positions as the Toronto-based lender revamps some of its business segments and shuffles executive responsibilities, an RBC spokesperson told MT Newswires on Friday.

The spokesperson said the job cuts are not related to the acquisition of HSBC's ( HSBC ) Canadian business.

"We have promoted a number of colleagues, expanded responsibilities and made stronger connections across our platforms," the spokesman said. "With these changes, some difficult decisions have been made and as a result some colleagues were impacted and left the bank."

The spokesperson declined to detail how many people were let go or specify which departments are affected.

Citing sources with knowledge of the matter, Reuters reported earlier that the lender laid off some workers due to changes at its business segments after it completed the acquisition of HSBC Canada in 2024. The cuts started earlier this week and affected the technology and operations teams, according to the sources.

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