28 May 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

RBS to shed 2600 jobs; 500 roles to be shipped offshore

10 May 2010  |  9471 views  |  0 Royal Bank of Scotland

The Royal Bank of Scotland is to cut a further 2600 jobs from its UK insurance and retail banking arms, bringing the total number of job losses at the Edinburgh-based bank to 22,600 since the onset of the financial crisis.

RBS says 2000 jobs will be shed from its Churchill and Direct Line insurance operations. A further 600 will go from the head office of its retail banking arm in London and Edinburgh.

The bank says the cuts are necessary to meet state aid stipulations laid down by the European Commission last year. These require the bank to dispose of its insurance arm by 2013 and sell off 316 branches operating under the Williams Glyn's brand.

As part of the programme, as many as 500 back office insurance roles will be moved offshore to India.

The plan has been condemned by finance union Unite.

Rob MacGregor, Unite national officer for finance, says: "Unite is fundamentally opposed to offshoring, as well as compulsory redundancies. This is a devastating blow for a dedicated workforce which has worked very hard to turn around the fortunes of RBS following some disastrous decisions by the previous management."

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

Moneris emerges as WorldPay frontrunner

Moneris emerges as WorldPay frontrunner

21 April 2010  |  10488 views  |  0 comments
RBS receives offers for branch network as Worldpay bid deadline looms

RBS receives offers for branch network as Worldpay bid deadline looms

07 April 2010  |  9634 views  |  0 comments
Direct Line and Intelligent Finance on the block in UK banking shake-up

Direct Line and Intelligent Finance on the block in UK banking shake-up

03 November 2009  |  11750 views  |  0 comments
Royal Bank of Scotland set for £6 billion technology splurge

Royal Bank of Scotland set for £6 billion technology splurge

02 October 2009  |  11865 views  |  1 comments
RBS cuts hundreds of IT jobs

RBS cuts hundreds of IT jobs

21 May 2009  |  9130 views  |  0 comments
RBS to shed 9000 more jobs in back office shake-up

RBS to shed 9000 more jobs in back office shake-up

07 April 2009  |  8258 views  |  0 comments
RBS to cut 2300 UK back office jobs

RBS to cut 2300 UK back office jobs

10 February 2009  |  10947 views  |  0 comments

Related company news

 
visit www.niceactimize.comvisit dh.comvisit www.events.sap.com

Top topics

Most viewed Most shared
BBVA launches Open API marketplaceBBVA launches Open API marketplace
13498 views comments | 52 tweets | 81 linkedin
Bank/fintech collaboration can take transaction banking to new heightsBank/fintech collaboration can take transa...
7880 views comments | 12 tweets | 24 linkedin
R3 raises $107mR3 raises $107m
7160 views comments | 16 tweets | 16 linkedin
TransferWise launches multi-currency business bank accountsTransferWise launches multi-currency busin...
6981 views comments | 12 tweets | 20 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job