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Royal Bank of Scotland to cut 9,000 jobs

Source: PTI
April 07, 2009 20:07 IST
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British banking major Royal Bank of Scotland has said it will slash as many as 9,000 jobs worldwide in the coming days, including 4,500 positions in the UK, as part of its cost-cutting measures.

The move would be mainly affecting the bank's group manufacturing roles, which consists mainly of back office operations.

RBS, in a statement on Tuesday said, the business plan could affect "up to 9,000 group manufacturing roles globally, including 4,500 in the UK, over the next two years". However, the bank noted that the actual number of job losses is anticipated to be lower.

RBS, in which the UK government has a majority stake, said the business plan that includes job cuts, among others is expected to rake in savings to the tune of 2.5 billion pounds.

"The business plan, which involves a number of other cost-saving initiatives including moving to a common technology platform, will help RBS achieve its target of reducing annual costs by 2.5 billion pounds within the next three years," the statement said.

Severely hit by the financial meltdown, RBS has received millions of pounds from the UK to shore up its fortunes. RBS noted that a redeployment programme has already identified 650 new job opportunities in the UK.

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