Relief felt amongst employees as Caceis buys Royal Bank of Canada

For quite a few weeks, uncertainty and instability marked the atmosphere at the Royal Bank of Canada, especially amongst employees.

However, since the announcement that Caceis, a subsidiary of Crédit Agricole and Santander, is taking over the bank, employees have expressed a sense of relief, as has been confimred by ALEBA and the LCGB.

Officials hope that the takeover will put the structure back on a firmer footing and end the insecurity that employees have faced for years.

The Royal Bank of Canada has already gone through three redundancy plans since 2013, the last of which ended this summer. 650 people were made redundant as a result of these restructurings. According to the unions, the takeover should not be finalised before the third quarter of next year.

The file will have to be legally approved, notably by the CSSF, the Luxembourg Financial Sector Supervisory Commission.