Royal Bank of Canada eliminates climate, ESG roles amid reorganization, sources say
RY•Royal Bank of Canada eliminated at least three senior climate, sustainability and ESG roles as it reorganizes teams and creates a public policy group. The bank said about half a dozen jobs were lost because of duplicated roles.
1. Roles shifted or cut
Royal Bank of Canada eliminated vice president roles in climate strategy, ESG risk, and sustainability strategy and performance, three people familiar with the decisions said. The bank said it moved its climate team into a newly created Public Policy group and shifted sustainability reporting into finance; about half a dozen jobs were lost due to duplication of roles.
2. New policy group
Emily Head was named vice president of public policy and will oversee issues including AI, payments, fraud prevention, climate and sustainability. RBC said employees who moved to the new team will have an expanded mandate and that teams across its businesses focused on climate commitments and supporting clients continue to grow.
3. Recent climate decisions
RBC withdrew from a global banking sector climate coalition last year and dropped its sustainable finance goals in 2025, citing changes to Canada's Competition Act that it said limited the information it could disclose. An advocacy group climate finance director said the reorganization could mean the bank loses specialization skills and dilutes its focus.
