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Monday, 29 November, 1999, 09:53 GMT
Royal Bank warns of job losses
Royal Bank of Scotland has warned that 18,000 jobs could be lost if it takes over National Westminister Bank.
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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