Partly Cloudy

Partly Cloudy

max temp: 16°C

min temp: 9°C

ESTD 1874 Search

The pigs are coming. Find out more about

Pigs Gone Wild

here.

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.

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

UCU National Executive Member Steve Sangwine of Essex picketing

University staff in Suffolk and Essex took part in the first of two planned days of strike action yesterday, in a dispute over pay.

Celebrating the launch of British Airways flights from Stansted Airport are Luke Hayhoe of BA CityFlyer (left) and Andrew Cowan of Stansted Airport with British Airways’ cabin crew Paulina Stasiak (left) and Danielle Bellini.

The first British Airways flights from Stansted Airport will get off to a flying start this weekend with all the summer sun destinations fully booked.

Hawthorn Drive, Ipswich

An empty former care home in Ipswich could be turned into 23 apartments and four bungalows, if planners give the scheme the green light.

Dave Muller speaking at the Ipswich Vision networking event hosted by the Greater Ipswich Chamber of Commerce.

Nearly 100 leaders of businesses and other organisations from in and around Ipswich have been challenged to act as ambassadors for for town.

The Keronite process in action.

Suffolk-based surface technology company Keronite has secured European Union funding to develop new wear resistant technologies for the automotive market.

Most read

Great Days Out

cover

Click here to view
the Great Days Out
supplement

View

Most commented

HOT JOBS

Show Job Lists

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24