RBS to slash 1,400 additional U.K. jobs over next two years

This article was last updated on April 16, 2022

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The state rescued Royal Bank of Scotland aims to slash additional 1,400 jobs over the next two years in London and Edinburgh after the lender unveils its plans to restructure its U.K. retail head office operations.

This action will take taking accumulated number of job losses close to 40,000 in RBS, which received a £45bn since its vast state bailout at the height of the global financial crisis.

However, the group has insisted that the move aims to improve the customer service and no customer facing staff will be affected.

CEO of U.K. Retail at RBS, Ross McEwan has said: “To serve our customers well we have to ensure that our resources are focused on the things that matter most to them. That is why we are investing £700 million in the next three years in new and improving services.

“Regrettably, we can only do that by restructuring the way we work in head office so that every effort is concentrated on supporting our customers and the frontline staff that serve them. This is clearly difficult news for our staff and we will do everything we can to support them, including seeking redeployment opportunities wherever possible to ensure compulsory redundancies are a last resort.”

Unite – the Britain’s biggest union’s national officer, Dominic Hook has condemned the latest round of cuts by calling them “brutal and irresponsible” behavior.

Mr. Hook has said: “It is high time that the banks took its social responsibilities seriously. Since the beginning of the year RBS, HSBC, Barclays and Lloyds have announced plans to slash around 6,900 jobs. The industry almost caused the economy to implode in 2008 and now it is contributing to a jobs crisis.”

In the beginning of May 2013, RBS has reported a return to profit after suffering big losses last year.

RBS chairman, Sir Philip Hampton has said the bank might be ready to return to the private sector in 2014, following a huge restructuring programme which comprises winding down the investment banking operation.

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