RBS expected to cut 3,000 jobs


RBS expected to cut 3,000 jobs

Karl Flinders

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.

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