View more on these topics

NatWest&#39s staff line up to go rather than reapply

NatWest staff are queueing up for voluntary redundancy payouts after being made to reapply for their own jobs following the bank&#39s takeover by Royal Bank of Scotland.

The takeover earlier this year has led to many head office departments such as marketing being merged and jobs reallocated. Exist ing staff from both groups will have to apply for the new jobs, many of which are based in Edinburgh.

Sources claim RBS will have to lose 18,000 people in two years to make the deal profitable. Most high-street branches are unlikely to be affected because the branding of each bank is remaining separate.

Staff have been seeking advice from their trade union Unifi. The union says mor ale is very low because people are having to justify their existence which is why the company is not short of volunteers for redundancy packages.

NatWest spokesman David Outhwaite says: “There are no compulsory redundancies being made. People have been given the option of voluntary redundancy or other opportunities within the organi sation. RBS was very exp licit that cost savings would have to be made.”

Unifi director of communications Dai Davies says: “People
are not very happy but the process of reapplying for a job can be constructive. It gives people the confidence to look elsewhere and the company will see it is losing good people.”


Quester – Venture Capital Trust 4

Tuesday, 7th November 2000.Aim: Growth by investing in a spread of unquoted UK growth companies.Minimum investment: £3,000.Opening-closing date: November 1, 2000-April 3, 2001 for 2000/2001 tax year. Until May 31, 2001 for 2001/2002 tax year.Charges: None.Commission: Initial 3 per cent.Tel: 020 7225 3333.

Standard consultants push final opportunity

IFAs are attacking Standard Life broker consultants for going all out to push its high up-front commission-paying pension plans before switching to stakeholder-style products.A sales aid, leaked to Money Marketing, has been sent to IFAs under the headline: “Do not miss this opportunity!!!”It highlights how IFAs can still earn full initial Lautro and renewal commission […]

Schroder – US Dynamic Growth Fund

Friday, 10th November 2000.Type: Unit trust.Aim: Growth by investing in a portfolio of US companies with good growth potential.Minimum investment: £1,000.Investment split: 100 per cent US equities.Isa link: Yes.Pep transfers: No.Charges: Initial 5.25 per cent, annual 1.5 per cent.Special offer: Initial charge reduced from 5.25 per cent to 3.25 per cent.Offer period: Until January 31, […]

Friends Ivory & Sime

Friends Ivory & Sime has followed up its AiM venture capital trust with the Aim VCT2 The AiM VCT 2 is aiming for long-term capital growth and will invest in around 50 companies listed on the Alternative Investment Market. These companies will be developing UK companies in the technology sector and related areas such as […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm