(Reuters) – City National Bank, the U.S. arm of Royal Canada Bank, is cutting about 100 jobs following recent financial losses, a change in management and a $65 million regulatory fine. Reduced.
“We regularly review our staffing plans and models to ensure they are aligned with our strategic priorities and best serve our customers and communities,” a City National spokesperson said in a statement. I'm trying to make it possible.”
The job cuts follow multiple layoff announcements by major U.S. banks, including Wells Fargo, Bank of America and Citigroup, last year as business dried up and demand from borrowers slowed.
The Office of the Comptroller of the Currency (OCC) last month fined City National for engaging in dangerous or unsound practices, including failing to establish effective risk management and internal controls. .
The OCC had issued a cease-and-desist order requiring the bank to take broad and comprehensive corrective actions to improve its strategic plan.
Last November, City National Bank appointed Howard Hammond as its new chief executive officer and Chris Dole as its chief financial officer.
RBC injected approximately $2.95 billion into City National's U.S. unit in October to increase capital as part of its management efforts to improve profitability.
(Reporting by Nivedita Bal in Toronto and Angela Christie in Bangalore; Editing by Shelley Jacob-Phillips)