RBC announced that they would be cutting about 450 jobs from across the country, most of which would be positions held in the head office in Toronto.

In an emailed statement to the Toronto Star, the said that they are“making changes that focus on the capabilities that we need now and in the future to meet our clients’ evolving needs.”

The bank continued by saying that they are planning to use the funds cut from this consolidation to refocus energy and money into emerging areas, such as digital, data and new technology.

RBC is the second largest lender by asset in the country, with TD having recently taken over the number one spot.

Lenders in Canada, such as the big five, have been cutting costs over the past few years in order to adapt to a changing marketplace with clients expecting newer and different technologies from their banks. Another major factor contributing to the firms shrinking budgets is their need to deal with lower interest rates and global plummeting oil prices.

As mentioned, one of the bigger reinvestments that the banks are making, taking RBC as one of the major examples, is in newer technology to suit the preferences of a younger and more tech-friendly demographic.