Partner Article

RBS jobs cull to continue

ROYAL Bank of Scotland, which is more than 80% government-owned, is reportedly planning to cut another 500 jobs, mostly in the investment banking division in London.

The move comes weeks after the bank said it was cutting 3,500 jobs from its UK technical and back office division.

In a statement RBS said it had “made efficiencies” in response “to changing market conditions”.

An estimated 27,000 job losses have been announced since RBS unveiled its restructuring plan early in 2009.

The bank said the latest move would ensure it had “the right people and resources in place to meet our client needs”.

It added: “We will do all we can to support our staff, offer redeployment opportunities wherever possible, and keep compulsory redundancies to an absolute minimum.”

It is understood that 30,000 jobs will eventually go.

This was posted in Bdaily's Members' News section by Ruth Mitchell .