January 7, 2020 / 3:23 PM / a month ago

RBC has no plans to take any restructuring charges: CEO

TORONTO (Reuters) - Royal Bank of Canada (RY.TO) has no plan to take any restructuring charges, Chief Executive Officer Dave McKay said on Tuesday, following a C$357 million ($274.7 million) charge that Bank of Montreal (BMO.TO) took in the fourth quarter.

“If we were to take a restructuring charge, we would have taken it in Q4,” McKay said at the RBC Canadian Bank CEO conference.

BMO took the charge as part of its push to reduce its workforce by 5%, or about 2,300 employees, and increase efficiencies.

($1 = 1.2998 Canadian dollars)

(This story corrects percentage of workforce cuts at BMO in third paragraph)

Reporting By Nichola Saminather; Editing by Chizu Nomiyama

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