RBS plans to cut another 900 job cuts

Honey I Shrunk The Banks

More shrinkage.

Royal Bank of Scotland is planning to cut about 900 jobs in Britain, sources familiar with the process said, taking the total number of layoffs in the last four months to around 5% of the bank's British workforce.

Reuters reports that the latest cuts at RBS are in information technology and back office positions that support the commercial, retail and private bank, the sources said.

RBS, which is 73% state-owned, is in the midst of a major restructuring aimed at returning the bank to profit after eight straight years of losses. The bank was rescued with a $67.82bn state bailout during the 2007-09 financial crisis.

The bank confirmed some staff would lose their jobs but declined to give specific numbers, pointing to its long-stated ambition to shrink from the world's biggest bank by assets into a much leaner, UK-focused commercial and retail bank.

To access the complete Reuters article hit the link below:

RBS planning to cut 900 jobs to reduce costs: sources

UK public borrowing slightly bigger than forecast last month, but best May since 2007

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