The cuts representing 1% of the US investment banking division were in line with "normal attrition".

The rbc is canada's largest bank and its capital market reported 58% drop in their net income. 

The Bank of Montreal has also laid of staff in the capital markets of the US. 

This hike curbed the company's greed for the deals and debt offerings. 

The hike by caused by the federal reserve also made the companies wary of the stock market. 

Goldman Sachs Group Inc warned it may slow hiring.