20 August 2014

RBS to cut 2300 UK back office jobs

10 February 2009  |  10127 views  |  0 people

Royal Bank of Scotland is to cut 2300 jobs from across its back office operations in the UK as it scales back its business in response to the ongoing financial crisis.

RBS has been badly burned by the financial downturn and its ill-judged acquisition of ABN Amro in 2007. The group, which laid off 3000 staff last month, is expected to post the largest loss in UK corporate history of between £7 billion and £8 billion for 2008 and has seen its share price take a pounding in recent weeks.

In a statement, the bank says it hopes to keep compulsory redundancies to a minimum and that no cuts would hit customer-facing staff.

RBS UK chief executive Alan Dickinson says: "We recognise that any news of this nature is unwelcome at any time. It is essential, however, that we consistently review our business to ensure that we are able to operate as efficiently as possible, especially in the current economic circumstances."

Earlier this week the bank was pilloried in the press for drawing up plans to pay out over £1 billion in bonuses to high-performing staff.

The latest round of cuts is likely to prove a further political embarrassment for the UK government, which holds a 68% stake in the ailing bank after bailing it out to the tune of £20 billion.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)
13 February 2009

Related stories

30 January, 2009
14 January, 2009
07 January, 2009
12 December, 2008
08 December, 2008
01 December, 2008
17 November, 2008
06 November, 2008
03 November, 2008
20 October, 2008
03 October, 2008
26 September, 2008
26 August, 2008

Related company news

 
Find out more

Featured job

Competitive (including base, OTE, benefits)
London, UK

Find your next job