RBS set to cut 3,700 jobs across UK

Published: Tue, 03 Nov 2009 13:30:00

Royal Bank of Scotland (RBS) has announced it will cut 3,700 jobs across the UK in the next two years, ahead of a major announcement on its future. The bank said it hoped many of those losing their jobs would take voluntary redundancy, citing cutting costs as the reason for the job losses. RBS added the move was unconnected to the announcements about the selling off of many of its constituent parts, along with Lloyds, from the government.

Some 10,000 job cuts in the bank's investment banking and office activities had already been announced, as well as 6,000 redundancies overseas. The redundancies amount to about 14 per cent of the total workforce at NatWest and RBS branches. Staff were informed of the redundancies yesterday, and the bank is believed to have been in discussions with Unite, the union.

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