Another bank has now announced of unexpected job cuts after undergoing wide-scale change since September, sources report.
City National Bank cut about 100 employees this week, Bloomberg and Reuters both reported on Wednesday.
The job reductions come in addition to a 5% headcount trim the Los Angeles-based subsidiary of Royal Bank of Canada put in place during the quarter that ended Oct. 31.
“We regularly review our staffing plans and models to ensure they align with our strategic priorities and allow us to best serve our clients and communities,” spokesperson Diana Rodriguez told Bloomberg in an email.
“As a result, we have made the difficult decision to eliminate a targeted number of roles in some parts of the business across City National’s footprint.”
The bank has been undergoing wide-scale change since September, hiring former Fifth Third CEO Greg Carmichael as executive chair and bringing aboard two other Fifth Third veterans to take posts in the C-suite, reports Banking Dive.
However, City National is hardly alone in trimming its ranks.
Since September, Citi, Truist, PNC, State Street, Wells Fargo, Ally, Citizens and Morgan Stanley, among U.S. banks, have all announced headcount reductions of 500 or more employees.
But City National has weathered money woes, too.
RBC infused $2.95 billion into its U.S. subsidiary in 2023 to boost its capital, the Canadian bank said in November.
Meanwhile, City National has seen its share of penalties over the past year or so.
The Office of the Comptroller of the Currency fined the bank $65 million over gaps the regulator found in risk management and internal controls.
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This massive bank is now closing accounts and credit cards in an abrupt manner and without warning, sources report.
While many would hope for a seamless banking process, one Fifth Third Bank member was barred off from their money, reports The-Sun.
The person who remained anonymous vented their fury on a Reddit thread dedicated to personal finance.
It all started when they made the choice to help out a “friend,” the user said.
He would often ask the user to borrow $100.
In return for the user giving money, he would then send $150 to them through Zelle.
The user explained how their Zelle was linked to their Fifth Third Bank mobile banking app.
And while the profit seemed attractive at first, it didn’t hold up for much longer.
What happened next left the Redditor confused, worried, and skeptical of their so-called “friendship,” reports The-Sun.
They realized they were betrayed when their friend disputed each transaction as a way to steal all the money back.
“As a result of him doing this, I tried using my debit card and logging into my banking app, and it said my account was locked” they said.
After calling Third Fifth Bank’s customer service, the user discovered their account was closed due to “so many transactions.”
The bank viewed them as fraud and decided not to do business with them anymore.
“They said I will be able to go into any local branch during operation hours and withdrawal all of my funds that are inside of the now closed account,” they wrote.
But the user was still worried, especially since they had $9,000 locked up in the account.
“Will they hold true to their word? Will they actually let me withdrawal all of my funds?”
Users replied to the Redditor saying they should be able to get the money back since the bank chose to close the customer’s account.
“You will get your money, but it may take a long time,” one person commented.
The bank had closed the users account and credit cards without warning despite the customer being scammed.
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