Overcast

Overcast

max temp: 7°C

min temp: 5°C

ESTD 1874 Search

Banking: RBS ‘to axe up to 30,000 jobs’ under restructuring plan

09:48 21 February 2014

Royal Bank of Scotland could shed up to 30,000 more jobs, according to reports.

Royal Bank of Scotland could shed up to 30,000 more jobs, according to reports.

As many as 30,000 jobs are to go at Royal Bank of Scotland over the next few years as part of plans to shrink the bailed-out bank, it was reported today.

The group is expected to use annual results next week to announce its exit from many of its riskier investment bank activities, as well as much of its overseas business.

RBS employs 120,000 staff but the Financial Times said the downsizing by chief executive Ross McEwan will lead to a reduction of about a quarter in the group’s headcount over the next three to five years.

The bank, which is just over 80%-owned by the Government, will refocus its activities on retail customers, small businesses and larger corporates.

Mr McEwan said in a video posted on the company’s website this week: “My aspiration is not to run the world’s biggest bank. My aspiration is to run the best bank in the UK nothing to do with size. A lot of our costs are old costs related to a big global group that we are not any more.”

The group’s annual results on Thursday are set to reveal an annual loss of close to £8 billion for 2013 after it stunned the City last month by revealing a string of scandal-related financial charges worth more than £3billion.

RBS is expected to make heavy cuts to the 11,000 jobs in its investment bank, including a retreat from its US and Asian markets businesses. The planned sale of its US retail bank Citizens will remove 18,500 jobs, while further reductions will come from its float of Williams & Glyn’s, which employs about 4,500 staff.

The group has axed an estimated 40,000 jobs since its taxpayer-backed rescue in 2008.

Search hundreds of local jobs at Jobs24

1 comment

  • now there is all this fuss with scotland i suppose they will close all the banks in england.

    Report this comment

    TERENCE MANNING

    Friday, February 21, 2014

Becky Sebright-King, owner of Lady Bakewell Park, at the launch of Small Business Saturday 2016.

As the Christmas shopping season gets into full swing, it’s more important than ever to support our local traders.

The Octagon  in Colchester, where travel management company Gray Dawes is based.

Essex-based travel management group Gray Dawes is to double in size following the simultaneous completion of two acquisitions.

The Rev Jemma Sander-Heys pulls a pint of Lacons Christmas beer, St Nicks.
Photo: Lacons Brewery

Regional drinks supplier Lacons has hosted is annual Winter Gathering to mark the launch of St Nick’s, its craft ale brewed specially for the festive season.

Go Ape tree-top adventure. Picture: GO APE.

Outdoor adventure firm Go Ape has picked up a national award in recognition of rapid growth which has seen it expand across the country.

The SNS 2016 Offshore Energy conference at the Norfolk Showground. Simon Gray, chief executive EEEGR. Picture: DENISE BRADLEY

An international deal to reduce oil production could make the Southern North Sea (SNS) off the coast of East Anglia “a much more attractive playground” if it leads to a rise in fuel prices, says an industry leader.

Management Jobs

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

MyDate24 MyPhotos24