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Report: RBC cuts staff at London i-banking division

Royal Bank of Canada is cutting about 15 jobs at itsinvestment banking division in London amid a slowdown in investment bankingactivity in Europe, Reuters reported, citing "sources familiar with thematter."

The layoffs were not caused by theU.K.'s decision to leave theEU, according to the sources.

RBC's head of natural resourcesfor Europe, the Middle East and Africa, Nick Taylor, will leave the bank just18 months after joining from Deutsche Bank AG, two sources told the newswire. Severaljunior bankers in the team will also leave RBC amid the continuing slump in oilprices.

Taylor and the junior bankers exitRBC following the departures of David Plowman, formerly head of consumer EMEA,and DimitriosGeorgiou, ex-chief of industrials EMEA, the newswire said Sept. 30.

Despite the departures, RBC haskept hiring in the region, snatching Martin Copeland from to become headof oil and gas and Ed Boyce from Nomura Holdings Inc. to become head of consumer andretail banking.

RBC Capital Markets is theinvestment banking arm of RBC.