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Williams & Glyn cuts staff as RBS pulls sale

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Profits at Royal Bank of Scotland arm Williams & Glyn have risen following a big drop in headcount, according to results published today. 

RBS’ half-year results show operating profit at Williams & Glyn rose £37m to £234m.

This was driven by a £39m cut in operating expenses “reflecting a substantial reduction in headcount”, according to the results.  

Last week RBS confirmed that it had shelved plans to sell Williams & Glyn.

The bank was originally told it had to sell the division as part of its 2008 bailout deal. 

But the Government and RBS drew up new plans after the lender struggled to find a buyer. 

Last week the European Commission tentatively accepted plans for RBS to spend £835m on promoting SME banking competition. 

This would include paying £275m to challenger banks and £425m to “a range of competitors”. 

The banking group will get final European approval for the deal in the second half of this year. 

RBS estimates the scheme would cost £35m to run between now and the end of 2019.

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