500 further jobs set to go at RBS
Royal Bank of Scotland (RBS), which is 84% state-owned, has today announced it will axe a further 500 positions within its wealth management division, as part of its three-year restructuring plan.
Since its bailout at the height of the financial crisis, the bank has shed approximately 23,100 jobs and today’s announcement comes less than a month after the bank said it would cut 2,600 people from its payroll in insurance and retail banking.
Today’s announcement will affect its wealth management arm, which includes Coutts (the Queen’s private bank) and Adam & Company.
The job losses will be made over a three-year period and the bank said it would “keep compulsory redundancy to an absolute minimum.”
The bank said it is to introduce a new technology system in its wealth management division, which will trim the number of administration staff needed to deal with clients.
However, the trade union Unite expressed disappointment at more job losses at the bank.
Unite national officer Rob MacGregor said: “Unite does not believe that the introduction of and investment in new technology should go hand in hand with the shedding of jobs.”