More jobs pain on the way at RBS

rbslogoRoyal Bank of Scotland is expected to announce more job cuts with around 450 posts going in its services and support divisions as it refocuses its UK operations, the Financial Times has reported.

The cost-cutting measures will see some jobs relocated to India and follow on from the 600 job cuts announced last month.

In February the 73 per cent taxpayer-owned bank reported a loss of £2bn for 2015 – its eighth consecutive year of annual losses.

According to the FT around 200 jobs will be cut from RBS’s services team across UK and 43 of these positions will be moved to India and an additional 250 jobs will be axed from the retail bank support division, including operations and customer service jobs.

A spokesperson for 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.

“We understand how difficult this is for our staff and will be offering as much support as we can including redeployment to other roles where possible.”

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