Only last December, the bank said it would make up to 201 members of staff at its Belval office redundant. RBC Investor & Treasury services agreed on a social plan that would stretch out the job cuts until January 2021, unions said.

“RBC recently requested an extension of the ongoing social plan by three months,” the LCGB and OGBL said in a joint statement on Wednesday evening. A meeting was fixed for 27 November to discuss rumours of layoffs.

Ahead of the meeting Jackson informed employees by email that more job cuts are planned for the Luxembourg subsidiary. Jackson did not indicate how many posts were on the chopping block.

“The LCGB and OGBL unions are following this matter very closely,” they said in a press release, adding they would use all means necessary to ensure Luxembourg law was respected in the dismissals.

The news of the impending layoffs was first reported by the Luxembourg Times on Wednesday morning. RBC employs around 1,000 people in the grand duchy.

RBC group has around 85,000 employees worldwide and president and CEO Dave McKay in March said there would be no pandemic-related redundancies at the bank in 2020, according to media reports in Canada. The Luxembourg redundancies are planned for 2021 as a cost-cutting measure.

More than half of businesses leaders anticipated cost-cutting measures for next year in a survey published by Luxembourg for Finance in November.

ING this month announced it would cut 1,000 jobs, although not in Luxembourg. Société Générale said it would cut 650 jobs in France. Other lenders--including Santander and Lloyds--have also announced layoffs. Bloomberg estimates reductions globally this year to surpass 80,000.