01 September 2016

RBS to cut 2300 UK back office jobs

10 February 2009  |  10738 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)

Finextra news in your inbox

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

Related stories

Morgan Stanley mulls back office and IT staff cuts - WSJ

Morgan Stanley mulls back office and IT staff cuts - WSJ

30 January 2009  |  7289 views  |  0 comments
Barclays doubles job cuts to 4200

Barclays doubles job cuts to 4200

14 January 2009  |  10395 views  |  0 comments
Barclays cuts 400 UK IT roles

Barclays cuts 400 UK IT roles

07 January 2009  |  9846 views  |  1 comments
Bank of America previews massive job cuts; Santander to cut 1900 in UK

Bank of America previews massive job cuts; Santander to cut 1900 in UK

12 December 2008  |  10054 views  |  0 comments
ANZ cuts 400 jobs

ANZ cuts 400 jobs

08 December 2008  |  7089 views  |  0 comments
HSBC cuts 500 UK job roles

HSBC cuts 500 UK job roles

01 December 2008  |  8452 views  |  0 comments
Jobs bloodbath as Citi takes the axe to 52,000 staff

Jobs bloodbath as Citi takes the axe to 52,000 staff

17 November 2008  |  9351 views  |  0 comments
Temenos to trim staff worldwide

Temenos to trim staff worldwide

06 November 2008  |  12793 views  |  0 comments
Lloyds TSB details £1.5 billion cost cuts

Lloyds TSB details £1.5 billion cost cuts

03 November 2008  |  7135 views  |  0 comments
Merrill/BoA to cut 'thousands' of IT and operations jobs

Merrill/BoA to cut 'thousands' of IT and operations jobs

20 October 2008  |  7198 views  |  0 comments
UBS cuts 2000 investment bank jobs

UBS cuts 2000 investment bank jobs

03 October 2008  |  8158 views  |  0 comments
HSBC cuts 1100 wholesale banking jobs

HSBC cuts 1100 wholesale banking jobs

26 September 2008  |  9086 views  |  0 comments
Stretched back offices win reprieve as FSA warns banks on staff cuts

Stretched back offices win reprieve as FSA warns banks on staff cuts

26 August 2008  |  10948 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
13 February 2009
Visit www.smartstream-stp.comVisit www.abe-eba.euVisit dh.com

Top topics

Most viewed Most shared
India's Unified Payments Interface goes live with 21 banksIndia's Unified Payments Interface goes li...
9868 views comments | 23 tweets | 26 linkedin
Cultural change crucial in digital transformationCultural change crucial in digital transfo...
7536 views comments | 11 tweets | 10 linkedin
Mondo becomes MonzoMondo becomes Monzo
6695 views comments | 14 tweets | 9 linkedin
hands typing furiouslyBlockchain: Some Remarkable Announcements!
6623 views 0 | 5 tweets | 15 linkedin
Global Fintech Hubs Federation launchesGlobal Fintech Hubs Federation launches
5859 views comments | 19 tweets | 5 linkedin

Featured job

Find your next job