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Rory Murphey of the union UNIFI
"Our members have decided that they've had enough"
 real 28k

Monday, 29 November, 1999, 09:53 GMT
Royal Bank warns of job losses

RBS cashline RBS has posted record profits


Royal Bank of Scotland has warned that 18,000 jobs could be lost if it takes over National Westminister Bank.

Battle for Natwest
This is 3,000 more redundancies than NatWest currently plans.

Chief executive George Mathewson said they did not envisage any branch closures at the two banks to arise directly from any merger.

RBS chief operating officer Fred Goodwin added:"Branch closures are a very expensive way of achieving cost efficiencies. Closing a bank branch can badly affect customers just when we want to retain them."

Royal Bank of Scotland announced a 26.4bn hostile bid for NatWest earlier on Monday. This trumps Friday's bid by Bank of Scotland.

Bumper profits

The bid came as RBS announced record profits for the year to 30 September.

Profits before tax jumped 21% from 1bn to 1.21bn.

Analysts had expected profits to come in at about 1.11bn.

Shareholders will receive a total dividend of 28.5 pence a share, up 16% on last year's 24.6 pence.

The bank said the figures kept the company on track as Britain's fastest-growing bank in terms of income over the past five years.

Royal Bank of Scotland had been expected to release its results on Thursday

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See also:
29 Nov 99 |  Business
NatWest under siege
21 Oct 99 |  The Economy
'12,000 City jobs threatened'
27 Oct 99 |  The Company File
NatWest cuts jobs in takeover battle

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