The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
260 jobs Number of planned job losses
Announcement Date
8 May 2014
Employment effect (start)
Foreseen end date
Description
Edinburgh based bank RBS has announced further job cuts as it bids to reduce costs associated with its operations. The bank, which is part-owned by the British taxpayer, is seeking to cut costs by up to £1 billion. This follows previous announcements of job cuts in November and May 2013, and comes on the back of years of large losses accrued by the bank. The bank has however returned to profitability in recent years. The latest job cuts are likely to affect the 260 managers and deputy managers at the bank's high-street branches across Scotland, and includes the proposal to discontinue the grade of deputy manager. Those affected have been given two weeks to decide whether they wish to seek jobs within the new structure, seek redeployment or take a voluntary redundancy package. It is thought that this move may soon be replicated in branches across England.
Around 40,000 workers have lost their jobs since RBS was partly nationalised in 2008. The bank is currently 81% publicly owned.
Sources
8 May 2014: Herald Scotland
Citation
Eurofound (2014), RBS, Internal restructuring in United Kingdom, factsheet number 77077, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77077.
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