Royal Bank of Scotland (RBS) has reported it is making a return on its IT investments despite a massive overall loss for its latest financial quarter.
The bank said in its latest financial statement that it lost £2.2bn in the last three months, but said that recent technology investments have enabled the bank to reduce staff numbers.
"As the benefits of process re-engineering and technology investment start to flow through, headcount has been reduced by more than 3%, with a cumulative reduction of 9% on prior years," said an RBS statement.
RBS has a cost-cutting programme which aims to reduce annual costs by £2.5bn within the next three years. It includes the company moving to a common technology platform.
The bank said it has spent some of the money saved through redundancies on IT. "We are actively re-tooling our businesses for future success as part of our five-year strategic plan. These actions will require some reinvestment of cost savings into increased information technology and marketing spending, but they also involve making each of our businesses better and more efficient at serving their customers."