According to a spokeswoman, RBC cuts ten investment banking jobs in the US

According to an email sent by a bank official on Thursday, Royal Bank of Canada (RBC) cut approximately ten positions last week in its U.S. investment banking office.

According to a spokesman for the U.S. capital markets division, the layoffs, which account for 1% of its U.S. investment banking business, were consistent with "normal attrition."

The capital markets division of Canada's largest bank, RBC, reported a 58% decrease in net income to C$479 million ($350 million) in the third quarter, mostly owing to loan underwriting markdowns of C$385 million in the United States.

RBC's U.S. business consists of retail banking, capital markets, wealth management, treasury services, and wealth management.

Bank of Montreal has also laid off personnel from its U.S. capital markets division, a spokeswoman for the bank said earlier this month, without providing any details.

Rising interest rates in the United States. The efforts of the United States The actions taken by the U.S. Federal Reserve to rein in out-of-control inflation have rocked the global financial markets, depressing the appetite of corporations for mergers and making them apprehensive of stock and debt offers.

Goldman Sachs Group Inc (NYSE:GS) warned in July that it may limit employment and slash spending if the economic outlook worsened.