RBS cut 2,700 jobs over past four months

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Royal Bank of Scotland has cut 2,700 jobs - around a 5% of its UK workforce - in the past four months as the bailed-out bank attempts to cut costs in its attempts to return to the private sector.

At the start of the year, RBS had 64,000 UK staff but since then jobs have been cut across most of its operations in retail, commercial and investment banking, as well as its IT functions.

Ross McEwan, the chief executive of the 73% taxpayer-owned bank, set a target to save £800m in 2016. While he acknowledged this could result in job cuts, he didn’t specify about how many roles would be lost.

The cuts are part of efforts to scale back the global ambitions of RBS, which had operations in 50 countries and around 180,000 staff at the time of its bailout, to focus on domestic retail banking.

The job cut total includes 900 roles that will be lost in IT and back-office positions across the bank’s operations, according to Reuters.

RBS said: “We understand how difficult this is for our staff and will be offering as much support as we can, including redeployment to other roles where possible. The bank’s global workforce is 87,800.

McEwan, who took over from Stephen Hester in October 2013, is focusing RBS on 13 countries. He is also adapting the bank for the digital age by closing branches and automating services.

As part of the move to reduce its global presence, the bank is looking to increase the profile of its NatWest brand in England and Wales. As part of this, it is in talks to sponsor English cricket and have its logo replace Waitrose’s on the shirts of cricket players.

Powered by Guardian.co.ukThis article was written by Jill Treanor, for theguardian.com on Tuesday 21st June 2016 17.28 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010

 

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