Royal Bank of Scotland (RBS) is to cut 272 jobs in the UK corporate banking unit as a resut of slowing growth levels.
An RBS spokesman made the announcement, saying that the cuts will be spread across the UK, with managers as well as sales and personnel staff being targeted.
The cuts, which equates to a 2% loss of the total employees at UK corporate banking, add to the 30,000 job losses made since the infamous government bailout in 2008.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
More cuts are expected to be announced tomorrow, sources close to the firm said. Speculation indicates cuts of between 4,000 and 5,000.
NR
-
-
Act now: First Direct’s £175 switching bonus ending soon
First Direct has launched a £12,500 prize draw on top of its £175 cash bonus - but they both finish soon, so you’ll need to be quick
-
Credit card providers slash 0% balance transfer deals
Customers face a double whammy of rising interest rates and shorter 0% balance transfer periods. We look at what’s going on in the credit card market and why you’ll need to act fast to get the top 0% balance transfer deal
