RBC cuts high-level climate finance jobs in unit restructuring

Résumé détaillé

Senior executives are among those affected by cuts; work will move to public policy unit led from D.C.

Royal Bank of Canada RY-T has cut several climate-related finance positions in a restructuring that will see much of that work moved under a new public policy unit led from Washington, D.C.

Senior executives, including Jennifer Livingstone, who has led RBC’s enterprise climate group as vice-president of enterprise climate strategy; and Sean Drygas, vice-president of sustainability strategy and performance, are among those who have been let go, according to two sources familiar with the cuts.

RBC spokesman Andrew Block confirmed the restructuring of the unit, but could not immediately confirm the names of the executives and precise number of staff who have left.

The Globe and Mail is not identifying the sources, as they are not authorized to speak publicly about internal matters.

Mr. Block said the moves are not a result of the bank deprioritizing climate finance, but are aimed at strengthening sustainability efforts throughout the organization.

Many of those employees from the group who remain will report to Kirsten Sutton, the bank’s Washington D.C.-based senior vice-president of global government affairs and public policy.

“A lot of our specialists are embedded within the business and working much closer in that respect,” he said. Climate and sustainability, meanwhile, will be core resposibilities for the public policy group that Ms. Sutton leads, he added.

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