RBC agreed with the government to keep about 3,000 former corporate HSBC staff employed for six months as a condition of its $13.4-billion acquisition of HSBC’s Canadian business
employees who joined as part of an HSBC Canada acquisition are worried about losing their jobs when a six-month guarantee expires this month, according to six sources familiar with the situation.
RBC said it had created “dedicated resources” to help new joiners and had made efforts to slow hiring and hold open roles while waiting for the deal to be approved. “You should not worry,” RBC CEO Dave McKay told HSBC Canada staff in a December town hall. His comments have not been previously reported.
All six sources were asked to explore opportunities within the bank. One source was able to find a role, and two others were asked to move to different divisions, they said. Meanwhile, four of the sources said they were left directionless, with no work to do after logging in to their systems.A former HSBC leader now at RBC said several members of their team were able to find roles, while some senior staff took voluntary packages for personal reasons.
“It would have been very naive for anyone to think that there’s not going to be significant duplication and a significant loss of jobs over time because of this merger,” Samfiru said.
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