Royal Bank of Scotland (RBS)

Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
London, Essex
Sector
Financial / Insurance/ Estate
64 - Financial service activities, except insurance and pension funding
64.1 - Monetary intermediation
64.19 - Other monetary intermediation
246 jobs
Number of planned job losses
Job loss
Announcement Date
27 November 2013
Employment effect (start)
27 November 2013
Foreseen end date

Description

The Royal Bank of Scotland (RBS) has announced plans to cut 246 jobs in London and Essex.

The cuts follow a deal between RBS and the Corsair consortium, whereby RBS will sell 314 branches to Corsair for GBP 600 million.

RBS stated that compulsory redundancies would be kept to a minimum and it would assist affected staff with redeployment. Worker representative criticised the cuts and argued that redeployment opportunities are not geographically viable.

Earlier in 2013, RBS had announced to cut 1,400 staff from its retail banking head office. In 2012, the bank had announced the creation of 351 jobs and the cut of 618 positions.

Sources

  • 27 November 2013: BBC News

Citation

Eurofound (2013), Royal Bank of Scotland (RBS), Internal restructuring in United Kingdom, factsheet number 76270, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76270.