Royal Bank of Canada , Canada's largest lender, laid off some employees as a result of changes at its business segments following the C$13.5 billion acquisition of HSBC's domestic business last year,

Royal Bank of Canada boosted CEO Dave McKay's 2024 salary by 61% to C$24.5 million ($17.14 million), including a C$4 million bonus related to the HSBC Canada acquisition, according to a regulatory filing on Thursday.

Royal Bank of Canada (NYSE:RY) has trimmed its workforce by an unknown amount as part of a broader overhaul of its business segments after acquiring HSBC (HSBC) Canada for $13.5B last year, according to a media report dated Friday.

With Canada’s economy hanging in the balance of tariff wars with the United States, economists believe the Bank of Canada will lower its interest rate.

The frontrunner to take over the reins when the Liberal Party chooses its new leader Sunday is a former central bank Governor who compared Trump to Voldemort, the villain from the Harry Potter

Both the weather and incoming tariffs are to blame for the lower-than-expected number of jobs created, according to James Orlando, director and senior economist at Toronto-Dominion Bank, and that likely means another rate cut from the Bank of Canada next week.

The Bank of Canada (BoC) brought its key interest rate down by 0.25 per cent to three per cent in 2025's first update in January.

As his 25% tariffs on imported Canadian products took effect on Tuesday, President Donald Trump repeated one of his many false claims about Canada – wrongly saying, again, that Canada prohibits US banks from operating there.