01 December 2015

RBS tech upgrade to cost 500 wealth management jobs

02 June 2010  |  8489 views  |  0 RBS logo

The Royal Bank of Scotland is cutting around 500 back office jobs at its wealth management division as the introduction of new technology streamlines business processes.

The jobs will go at Adam & Co and the Queen's bank Coutts over the next three years, says part-nationalised RBS, which employs around 3500 in wealth management.

RBS says there has been under-investment in its IT systems over recent years, prompting it to move all wealth management brands onto one core banking platform from Swiss vendor Avaloq, streamlining and simplifying multiple systems and processes.

The platform - which has already been in operation at some parts of the wealth management business for two years - will create a unified and internationally integrated private bank platform "to enhance the client experience while ensuring that our businesses grow profitably and efficiently," says RBS.

Adam will go live with Avaloq in the fourth quarter of 2010 with Coutts & Co following in the second quarter of 2011.

Says an RBS spokesperson: "Today we are announcing a major investment in our processes and technology in our Wealth Management division to help us deliver better service and a wider choice for our clients. As a result of the changes we are restructuring our operations and this will unfortunately lead to job losses."

Over 20,000 jobs have gone at RBS since the financial crisis hit and the bank today insists it has always been clear more cuts would have to emerge as it looks to restructure and repay taxpayers.

However, Unite national officer Rob MacGregor criticised the latest move, saying: "Unite does not believe that the introduction of, and investment in new technology should go hand in hand with the shedding of jobs. Instead RBS should focus on ensuring that its staff can continue to give customers the high levels of service they expect from the Queen's bank."

Comments: (0)

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

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

02 June, 2010
10 May, 2010
21 January, 2010
21 May, 2009
07 April, 2009
26 February, 2009
10 February, 2009

Related company news


Top topics

Most viewed Most shared
EPC publishes proposals for pan-European i...
7872 views comments | 35 tweets | 33 linkedin
Former Barclays chief forecasts massive jo...
7586 views comments | 30 tweets | 36 linkedin
WeChat launches mobile wallet in South Afr...
6547 views comments | 20 tweets | 16 linkedin
BBVA Bancomer first to roll out dynamic CV...
6284 views comments | 14 tweets | 21 linkedin
Hilton confirms data breach
5825 views comments | 11 tweets | 17 linkedin

Featured job

Brussels (Belgium) or Paris (France)

Find your next job