Royal Bank of Canada (RBC) has decided not to cut jobs in 2020 due to the on-going coronavirus (Covid-19) outbreak.

In a memo shared with the employees, RBC CEO Dave McKay said: “While we’re all living in stressful and uncertain times, we don’t want RBC employees to worry about their jobs.

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“That’s why our leadership team has committed there will be no job losses at RBC in 2020 as a result of COVID-19.”

Banks around the world are taking several measures to keep their businesses afloat during the on-going crisis.

One of the measures includes suspending job cuts since the pandemic is impacting the markets and businesses.

Recently, reports emerged that British challenger bank Virgin Money is planning to halt scheduled job cuts and branch closures in a bid to mitigate the impact of the virus.

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Many banks in the US and Europe also decided to suspend scheduled job cuts in the wake of the coronavirus pandemic.

In the US, the banks that have decided to suspend new job cuts include Wells Fargo, Citigroup, and Morgan Stanley

In Europe, HSBC temporarily put a hold on 35,000 redundancies, Deutsche Bank paused 18,000 job cuts, and Lloyds Bank halted its plans to trim 780 positions.

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