Royal Bank of Canada has no plan to take any restructuring charges, chief executive officer Dave McKay said on Tuesday, following a $357-million (US$274.7-million) charge that Bank of Montreal took in the fourth quarter.
“If we were to take a restructuring charge, we would have taken it in Q4,” McKay said at the RBC Canadian Bank CEO conference.
BMO took the charge as part of its push to reduce its work force by 5 per cent, or about 2,300 employees, and increase efficiencies.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.