Royal Bank of Scotland chairman Sir Philip Hampton has warned the taxpayer-backed lender will need to make further job cuts and branch closures, according to reports.
According to reports, Hampton told investors at the bank’s annual shareholder meeting of “further impacts on employees” as RBS attempts to boost its financial performance.
He said: “We’ve got to have our branches where our customers are, not always where we have had them for decades. We have work to do over the coming years to get our business in the right shape to deliver these ambitions, and that could mean further impacts on employees.”
RBS has already axed around 37,000 jobs since it was bailed out to the tune of £45bn by UK taxpayers in 2008.
The bank has been dogged by controversy recently.
In December 2011, an FSA report said RBS was ruined by “multiple poor decisions” and a £50bn “gamble” on buying Dutch bank ABN Amro.
In January 2012, RBS chief executive Fred Goodwin was stripped of the knighthood he was awarded for services to banking.
And in February this year the bank was hit with a £390m fine by UK and US regulators for manipulating Libor.