Royal Bank of Canada, the nation's biggest bank, said Friday that it will cut up to 6,000 jobs in the next two years.

It announced the job cuts as it reported that its fiscal fourth-quarter profit rose 11% on higher trading and underwriting revenue but that it had failed to meet its target of 4% to 7% annual growth in earnings per share. Chairman and chief executive John Cleghorn also said the bank failed to slow spending, which grew 9% in 1999, exceeding revenue growth of 7%.

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