I worked at RBC during that time and can add a bit of context. Rumour was the CIO at the time (Morteza Mahjour) had staked his job on reducing operating costs of the tech services & operations division by bringing in an offshore firm called iGate. I wasn't laid off but plenty folks I know were and I left anyway.

The cost savings plan turned out to be a bust, projects ran over budget or never got off the ground at all and Morteza left. Apparently the new guy is turning things around. Some old colleagues have gone back after being offered hefty raises.

Edit: also, does the teachers union know this is happening? Isn't that retirement fund worth a fortune?