Market data
Top weekly gains and losses
Cardtronics: 10.376
ICAP: -20.797

 

 
10 February 2009 - 15:47

RBS to cut 2300 UK back office jobs

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

 
No comments. Be the first to comment on this now (membership required)

  Related blog posts

 

 

 
  Related news

 

 

 

 

 
08/12/08  ANZ cuts 400 jobs

 

 

 

 

 

 

 

 

 

 
  Related company news

 
  
 

 
Most discussed blogs
 
Featured job
Find your next job!
search 
 
Most viewed - last 10 days

 

 

 
Editorial: news@finextra.com   Sales and member queries: contact@finextra.com   © Finextra Research 2010