EMCC European Monitoring Centre on Change



Geographic Location

Country: Luxembourg
Region: Luxembourg (Grand-Duché)
Location of affected unit(s): Esch-sur-Alzette


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 1000

Employment Effects

Announcement Date: 22-02-2021
Planned Job Reductions min: 243
Type of Restructuring: Internal restructuring

Additional Information

The Royal Bank of Canada (RBC), is to layoff 243 employees in Esch-sur-Alzette, the second city in Luxembourg. 

A social plan with unions has been already signed in December 2019 and extended until the end of 2021. Thus, employees affected by the social plan who will find a new job during the current social plan will be able to benefit from 100% of the legal and non-legal benefits of the social plan.

The news follows 210 redundancies in 2013 and 201 redundancies in 2019.