“Around 110 roles may be impacted [in Luxembourg]”, said RBC Dexia in a press release. Rumours about the possible layoffs had been circulating this week, but this is the official confirmation. The company announced the measure late on Tuesday afternoon, “as part of a global realignment of our operating model to optimise efficiency across the company for our clients.”

RBC Dexia is a joint venture between Dexia BIL and the Royal Bank of Canada. It provides outsourcing services for the mutual fund industry. It has been rapidly expanding and hiring staff in recent years. It recently moved into new premises at Esch-Belval.

Of the affected staff, 50 may be sent to Kuala Lumpur, in Malaysia. These employees will be part of a “redeployment of a range of activities across operations and IT,” to that country.

RBC Dexia says it is in consultations with employee representatives over this layoff plan.
Alex Clelland of RBC Dexia, the company’s public relations manager declined to comment, referring questions to the press release.