2,600 UK jobs set to go at RBS

| May 10, 2010 | 0 Comments
”2,600

Royal Bank of Scotland (RBS), which is 84% owned by the taxpayer, has today announced it is reducing headcount by a further 2,600 as it continues with its cost-cutting programme.

The bank has already announced more than 20,000 job cuts across its business since it was bailed out at the height of the financial crisis.

The latest job cuts are based in the UK with 2,000 jobs set to go at its insurance arm division, which includes the Direct Line, Green Flag, Churchill and Privilege businesses.

A further 600 positions will be axed at the head office of its retail banking arm, based at locations including Edinburgh and London.

Commenting on the headcount reduction, RBS said: “We are working hard to rebuild RBS in order to repay taxpayers for their support and having to cut jobs is the most difficult part of this process.

“We have strived at all times to be open and honest about the tough choices we are making,” it added.

Last week, the bank reported operating profits of £713 million in the first three months of the year, compared with a £1.35 billion loss in the same period a year earlier.

The results were a significant improvement on the £24.1 billion loss it reported for 2008 – which represented the largest annual loss in UK corporate history.

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