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
334 jobs Number of planned job losses
88 jobs Number of planned job creations
Announcement Date
9 May 2017
Employment effect (start)
Foreseen end date
Description
RBS has announced further plans to cut jobs. It is understood that the bank is cutting 334 roles and creating a further 88 positions, leading to a net employment change of 246 jobs lost. Of the 246, 92 full time positions will be lost in addition to 154 contractor roles. The majority of the jobs will be lost from operations in London and are understood to be technology-based roles. The Unite union has claimed that the bank is moving some positions to India, with reports suggesting 38 new positions will be made available there. No timescale for these latest changes has been reported.
RBS has undergone several rounds of restructuring in recent times. For example, in late March 2017 RBS announced the closure of 158 branches across its UK operations, while 900 job cuts were announced in June 2016.
Sources
9 May 2017: BBC Website
Citation
Eurofound (2017), RBS, Internal restructuring in United Kingdom, factsheet number 91060, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/91060.
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