RBS axes 500 back office jobs at investment banking unit

RBS axes 500 back office jobs at investment banking unit

Royal Bank of Scotland (RBS) is cutting around 500 back office staff, mainly in London, at its investment banking unit, according to press reports.

The latest losses come just weeks after the bank, majority-owned by the government, outlined plans to axe 3500 back office support and technology jobs.

According to Bloomberg, RBS has now cut 26,000 positions, 12% of its total workforce, since the beginning of the financial crisis.

The bank says it needs to "make efficiencies" across the business and it will offer redeployment to staff where possible, keeping compulsory redundancies to "an absolute minimum".

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