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
500 - 550 jobs Number of planned job losses
Announcement Date
14 March 2016
Employment effect (start)
14 March 2016
Foreseen end date
14 May 2016
Description
UK bank RBS will reduce its workforce by 550 jobs. The job losses will occur in two areas of the bank: investment advice and protection. A total of 220 jobs will be lost from the investment advice team. A further 200 jobs will be lost from investment protection along with 80 administrative support roles. The decision to introduce this automated service results from the bank finding it unprofitable to provide face-to-face advice to customers with less than £250,000 (approx. €323,000 ) to invest. The work that was formerly undertaken by the advisers will now be undertaken by ‘robo-advisers’ – a new automated system that will provide advice to customers based on their responses to a series of questions. RBS, which was bailed out by the UK Government during the financial crisis and remains 78 per cent tax-payer owned, is attempting to reduce costs after its eighth successive annual loss was announced in February 2016, putting the company’s debt at £2 billion (approx. €2.6 billion).
Sources
14 March 2016: The Guardian
14 March 2016: Sky news
14 March 2016: BBC News
Citation
Eurofound (2016), RBS, Internal restructuring in United Kingdom, factsheet number 86762, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86762.
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