1/21/2024 0 Comments Death road to canada saleProvide voluntary departure packages for any HSBC employee seeking to leave, where reasonable, within six months of the closing date.RBC will not offshore any client-facing, advice centre, or retail back-office positions currently performed by an HSBC employee in Canada, nor will it offshore any existing jobs that would result in "group termination" (as defined by the Canada Labour Code), for at least two years.Not terminating the employment (except for just cause or mutual parting) of all front-line banking and financial advisors at HSBC for at least two years. Not terminating the employment (except for just cause or mutual parting) of any HSBC employee within six months of the closing date.Increase its client operations centre workforce in Winnipeg by 10 per cent to create 100 new jobs, including for francophone Manitobans.Establish immediately and fully implement within five years a new Global Banking Hub in Vancouver, supporting more than 1,000 jobs and creating about 440 net new jobs in British Columbia, as part of RBC's effort to secure the future of HSBC's Canadian workforce and grow British Columbia's financial sector.Protect HSBC's Workforce and Create New Jobs Unless otherwise specified, RBC will do the following for four years, beginning on the closing date of the acquisition: RBC will also maintain HSBC's Canadian workforce, create new Canadian jobs, and further support construction of new housing in Canada. Pursuant to the Minister of Finance's authorities under the Bank Act, she has required RBC to abide by strict terms and conditions which will protect Canadian consumers and expand consumers' access to competitive banking services. On December 21, 2023, the federal government granted the regulatory approval to allow the sale of HSBC Bank Canada (HSBC) to the Royal Bank of Canada (RBC).
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