View more on these topics

RBS set for further round of cost cutting – reports

The Royal Bank of Scotland is set to embark on a major cost cutting exercise that could put thousands of jobs at risk, Sky News reports.

The bank, which has already shed around 40,000 roles since it was bailed out by the UK taxpayer in 2008, is said to be preparing a further round of cuts next month.

According to Sky News, RBS chief executive Ross McEwan wants to shrink the bank’s international operations and introduce greater automation to high street banking services.

RBS’ third quarter results, published in November, revealed it had made a pre-tax loss of £720m, down from a £1.3bn loss in the third quarter of 2012. Total income fell 10.1 per cent from £5.4bn for the quarter ending September 2012 to £4.9bn in Q3 2013.

The group also increased its provision for payment protection insurance by £250m in the third quarter. It has so far set aside £2.6bn for PPI redress, of which £1.9bn had been paid by 30 September 2013.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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 advice.

    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

    Email: customerservices@moneymarketing.com