View more on these topics

RBS to shed up to 9,000 jobs

The Royal Bank of Scotland is to cut up to 9,000 jobs as a result of a restructuring of its back office operations.

The plan could affect up to 9,000 group manufacturing roles globally, including 4,500 in the UK, over the next two years.

But RBS says the actual number of jobs lost is expected to be significantly lower than this.

The business plan, which involves a number of other cost-saving initiatives including moving to a common technology platform, will help RBS achieve its target of reducing annual costs by £2.5bn within the next three years.

Stephen Hester, chief executive of RBS, says: “We have set a new strategy for RBS to restore the Bank to standalone strength as soon as practicable. From this we want the Government to be able to realise value from its investment in RBS.

“To do so we need to cut our costs, as in all businesses, given the current recession. Unfortunately that means taking difficult decisions about jobs as well as taking many other cost reduction actions. We want to be as open and transparent as possible and are announcing these plans at the earliest possible opportunity so that our employees can prepare for the future.”

Recommended

Call for Labour to help first-timers

Lord Norman Lamont, the former chancellor who presided over the last recession, has called for first-time buyers to be helped with government loans to spark a revival in the housing market.

The G20 summit and our hour of redemption

The agreement that followed the G20 summit of Thursday April 2 is already being feted as historical but on reflection it’s hard to see what the $1.1 trillion boost to the world economy will achieve if it will achieve anything. After all we’ve been waiting for Gordon Brown to put the UK banking systems to […]

RBSIP opts for drive-by valuations

Royal Bank of Scotland Intermediary Partners is instructing drive-by valuations on remortgages up to 75% LTV in a bid to boost efficiency.

Thumbnail

Health Shield joins the Association of Medical Insurance Intermediaries

Health cash plan provider Health Shield has joined the Association of Medical Insurance Intermediaries (AMII) as a corporate member. The non-profit-making Friendly Society is one of eight health cash plan providers to join the intermediary trade body, which is looking to establish working parties with intermediaries and providers on issues such as product innovation and regulation.

Newsletter

News and expert analysis straight to your inbox

Sign up