RBS planning to cut additional 450 jobs in UK
(30 May 2016 – United Kingdom) Royal Bank of Scotland (RBS) is cutting 450 service jobs as it retrenches its operations in the UK, sources said over the weekend.
A statement provided by the bank said: “As RBS becomes a smaller UK-focused bank, we are restructuring our support services to better align with the business we are becoming.
“These changes unfortunately mean some job losses.”
The statement did not include any job figures.
Chief Executive Officer Ross McEwan is slashing thousands of jobs and divesting assets around the world as he attempts to resume dividends for the first time since the bank’s £45.5 billion (A$93 billion) taxpayer-funded bailout in 2008.
Low interest rates and slowing economic growth are pushing him and other bank executives to take out more costs to maintain profitability.
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