RBS adds to bank closures and job cuts
(28 March 2017 – United Kingdom) Edinburgh-based The Royal Bank of Scotland (RBS) has announced plans to sell around 180 UK and Irish branches, along with retrenching 690 jobs.
The potential moves are expected to result in considerable cost savings. Chief Executive Officer of Royal Bank of Scotland, Ross McEwan, has planned to reduce operating costs by £2 billion pounds (A$3.2 billion) over the next four years.
The bank is planning to shut down 128 branches in the NatWest and 30 units in the UK. Further, 22 branches are expected to close at Ulster Bank in the Republic of Ireland. The plans come as part of Royal Bank of Scotland's review on customers' choices and usage patterns throughout the bank's network, and across all distribution channels.
Though more than 1,050 employees will be unemployed on branch closures, 360 employees will be moved to other positions.
"As customers change the way they bank with us, we must change the way we serve them," RBS said in an emailed statement. "While the branch will still be a core part of our offering to customers, inevitably some branches will have to close," it further noted.
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