FT - RBS still has work to do

RBS branch window

Hundreds of job cuts, more branch closures and a move to offload millions of pounds of pension expenses to employees are among the latest attempts by Royal Bank of Scotland to slash costs.

The Financial Times reports that since RBS posted its eighth successive net annual loss last month - when Ross McEwan, CEO, warned there would be more pain to come - the bank has stepped up its turnround efforts.

It took another stride forward on Tuesday by paying a further £1.2bn to the Treasury, to remove a legal block to its ability to reinstate dividends.

In the coming weeks RBS, which is 73% owned by the UK government, is expected to close at least 50 branches across the country, according to people familiar with the situation.

Hit the link below to access the complete Financial Times article:

RBS needs to cut further to hit targets

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