By AVA TURNQUEST

Tribune Staff Reporter

aturnquest@tribunemedia.net

JOB losses are imminent at RBC Royal Bank as it moves to better manage operating costs in a low-growth environment, managing director Nathaniel Beneby confirmed yesterday.

Although cost-saving initiatives will make redundancies inevitable, Mr Beneby maintained that impacted employees have the option of applying for alternative positions within the bank, or an enhanced separation package.

While he could not confirm how many jobs have been made redundant as the bank’s “holistic” review of costs continues, Mr Beneby said he was confident that net reductions would be “favourable”.

Mr Beneby made the confirmation at a press conference on the establishment of a third shared banking location with RBC Finco.

RBC Finco’s main branch will be moved from the Financial Centre on Shirley and Charlotte Streets to RBC Royal Bank’s main branch on Bay Street.

RBC Finco’s Mortgage Centre, located at the Prince Charles Shopping Plaza, also will be consolidated with services to be offered at the shared banking location on Carmichael Road.

The shared locations will feature shared teller services, such as cheque cashing, deposits, and other over-the-counter services, to allow for a more convenient customer service line.

“There will be job redundancies as a result of these initiatives,” he said. “The good news is that those employees that are impacted are looking and applying for other job opportunities within RBC and in fact some of them have already secured alternative positions within RBC.

“The net reduction has not been finally determined, but as a leading and responsible corporate citizen Royal Bank respects and values its employees and those who will be disengaged we have enhanced packages.

“We are providing very strong support to our employees, we value their contributions over the years, but, of course, these are changing times and circumstances where we have to make these decisions that are never easy. But we want to assure you that we are providing very strong support and enhanced packages.”

The changes will be effective May 5 at the RBC Carmichael Branch; May 12 at the Bay Street branch and May 19 at the RBC Freeport branch in Grand Bahama.