RBS to shed a further 500 jobs
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Royal Bank of Scotland is set to cut another 500 jobs with the majority coming from its investment banking division in London, according to reports.
RBS, which is 84 per cent owned by the Government, is making the move only weeks after cutting 3,500 jobs from its UK technical and back office division.
RBS has cut around 27,000 jobs since it unveiled its restructuring plan in early 2009. It is expected that the number will eventually rise to 30,000.
The European Commission asked the bank to reduce the number of branches it has to safeguard competition concerns after being bailed by the UK government during the credit crunch.
A statement from RBS says: “”We continue to make efficiencies across our business to ensure that we have the right people and resources in place to meet our client needs. We will do all we can to support our staff, offer redeployment opportunities wherever possible and keep compulsory redundancies to an absolute minimum.”
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Readers' comments (1)
PensionMan | 28 Sep 2010 2:19 pm
Another 500 jobs?
Do we hear the Unions crying foul?
Nope - they are just financial services workers so no-one bats an eyelid!
Sad days indeed.
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