RBS cuts further 1,400 jobs from retail bank

Royal Bank of Scotland (RBS) is axing a further 1,400 jobs from its retail banking head office to slash costs.

Royal Bank of Scotland (RBS) is axing a further 1,400 jobs from its retail banking head office to slash costs.

The bank will reduce its headcount over the next two years with Edinburgh offices expected to take the biggest hit.

The 81% government-owned lender has announced more than 35,000 job cuts since it was bailed out by taxpayers following the financial crisis.

"To serve our customers well, we have to ensure that our resources are focused on the things that matter most to them," said Ross McEwan, Chief Executive of the bank's UK retail operations.

"Regrettably, we can only do that by restructuring the way we work in head office, so that every effort is concentrated on supporting our customers and the frontline staff that serve them.

"This is clearly difficult news for our staff and we will do everything we can to support them, including seeking redeployment opportunities wherever possible to ensure compulsory redundancies are a last resort."

The announcement comes two days after Chairman Philip Hampton signalled the bank would push more employees out the door.

At the bank's annual general meeting on Tuesday he said the bank would reduce staff and close additional branches before its restructuring is complete.

However, the number of those affected was not confirmed until Thursday's statement.

British union Unite called the job cuts "brutal and irresponsible".

"It is high time that the banks took its social responsibilities seriously," said Unite's national officer Dominic Hook.

"Since the beginning of the year RBS, HSBC, Barclays and Lloyds have announced plans to slash around 6,900 jobs. The industry almost caused the economy to implode in 2008 and now it is contributing to a jobs crisis."

RD

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