“We expect slowing growth and lower inflation due to the lagging impact of monetary policy combined with a slowdown in China and elevated climate and geopolitical risks.” “Our base case forecasts a softer economic outlook,” chief executive Dave McKay told a conference call with investors and financial analysts. The cuts come as heightened interest rates put pressure on expected economic activity despite resilient consumer spending. The bank, which reported a rise in third-quarter profits Thursday that beat analyst expectations, said it planned to cut one to two per cent of its full-time equivalent employees next quarter on top of the one per cent it trimmed in the last one. TORONTO - Royal Bank of Canada is ramping up job cuts as it works to reduce costs ahead of an expected economic slowdown.
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