RBS to shed 9,000 jobs

by Richard Kilner

Story link: RBS to shed 9,000 jobs

The Royal Bank of Scotland (RBS) is to shed another 9,000 jobs, half of them in the UK, BBC Scotland has reported.

The job losses are thought to come from back office staff rather than those on the front line and areas such as document processing, information technology, procurement and bank property are likely to be hit.

Approximately 20% of the British-based Group Manufacturing jobs could be under threat.

This news come on top of earlier job cuts made by RBS totalling some 2,700.

The bank is aiming to avoid compulsory redundancies where possible, and many staff members may be asked to relocate.

Since the start of the credit crunch RBS, which is now majority owned by the taxpayer, has shed over 15,000 jobs across the world.

The bank is not the only one to be reducing its headcount substantially in the recession.

HSBC, one of the stronger British banks, has cut 1,200 jobs, and Swiss investment bank UBS has shed 2,000.

Last week the CBI predicted as many as 15,000 financial sector jobs could go in the second quarter of this year.