RBS to cut 900 jobs

22 June 2016
RBS to cut 900 jobs

The Royal Bank of Scotland Group is looking at getting rid of 900 jobs in the UK.

Again, this is a move which the banking group hopes will trim costs as they struggle to return to profits, after the bail-out mess some years ago. The company hope to reduce their costs by £800 million, this year.

Since January, RBS as a group, has axed over 2,500 jobs.

Before the worldwide financial meltdown, RBS had around 180,000 members of staff - as it stands, across the world it now has around 89,000.

A spokesperson for the bank said: "As RBS becomes a smaller UK-focussed bank, we are restructuring our support services to better align with the business we are becoming. These changes unfortunately mean some job losses."

"We understand how difficult this is for our staff and will be offering as much support as we can, including redeployment to other roles where possible."

Of course, RBS are planning to split themselves up, launching the Williams & Glyn brand.

However, that's also been delayed, over uncertainties in the future.

Williams & Glyn will be formed from 300 RBS branches in England and Wales, and a handful of NatWest branches in Scotland.

Santander UK and Virgin Money have been sniffing around this new brand, potentially looking to buy it. RBS will have to offload Williams & Glyn by the end of next year, under the rules of the bail out.

The main cause of the delay is thanks to the complex nature of setting up a new operating system for the new bank, that is separate enough from RBS.

Thus far, the whole business has cost RBS over £1.2bn, and costs keep going up.

TOPICS:   Banking

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