The Royal Bank of Scotland (RBS) is expected to make thousands
of job cuts as it comes to terms with the economic slowdown.
According to various reports up to 3,000 jobs will be cut in the
bank's global banking and markets divisions.
An RBS spokeswoman said there has been no announcement. She
added, "We are constantly reviewing out business model to make sure
it is appropriate to the market."
If the reports are accurate this will affect various parts of
the world and will not impact the bank's high street
operations.
RBS - which employs 170,000 staff globally, including 104,000 in
Britain - has taken £20bn from the government as part of the
banking bail-out. This would give the government about a 60% share
in the bank.
Banks have been reducing staff numbers with IT and back office
functions often seen as surplus to requirements when business
levels fall.
Barclays is expected to cut IT jobs at its FirstPlus loans
business as it closes to new business. It will keep its IT
infrastructure to process existing customer loans, but it is
scaling it back. "We have closed to new business, but the units
will remain to process existing loans," said a spokesman.
HSBC cut 1,100 jobs in its investment banking division in
September. This included 500 front and back office jobs in
London.