The bank, a subsidiary of one of Royal Bank of Canada, is preparing to implement a new redundancy plan, according to the Luxembourg Times, which cited “two sources familiar with the matter”. It currently employs 1,170 staff and 320 consultants in Luxembourg following a cut of 201 jobs from its payroll back in 2013.

The new redundancy plan will affect 226 permanent and 79 external consultant positions. RBC Investor & Treasury Services has its headquarters in the iconic red tower at Belval--it was one of the first businesses to move into the new neighbourhood of Esch back in 2006 when it was forged in a joint venture with Dexia. In 2012 RBC took over 100% of that company.

Media reports cite an RBC spokesperson saying that the job cuts will be managed through natural redundancies and redeployment.

Last year the bank posted record profit of €5.7bn, part of which came from its Investor & Treasury Services operations.

Last July Luxembourg’s financial regulator, the CSSF, imposed a fine of €120,000 on the company for having dismissed its chief risk officer without the agreement of the board of directors.

Globally, RBC Investor & Treasury Services has over 4,500 employees in 17 countries across North America, Europe, Asia and Australia and handle C$4.3trn in client assets under administration.