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
900 jobs Number of planned job losses
Announcement Date
21 June 2016
Employment effect (start)
Foreseen end date
Description
RBS (Royal Bank of Scotland) has announced a further round of job cuts as it continues to seek cost reductions across the business. The latest announcement has stated that a further 900 jobs are to be lost. This follows several rounds of cuts and cost saving measures earlier in 2016. It is understood that these new cuts will come predominantly from back office and IT support roles.
The bank is part-owned by the UK government, following its bailout during the financial crisis. When the government stepped in the bank had a global workforce of approximately 180,000 staff. By contrast the current figure is around 89,000 with 64,000 of these staff being based in the UK. The time-scale for the latest job cuts has yet to be announced.
Sources
21 June 2016: BBC Website
21 June 2016: The Guardian
Citation
Eurofound (2016), RBS, Internal restructuring in United Kingdom, factsheet number 88188, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88188.
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