Page last updated at 13:34 GMT, Wednesday, 20 May 2009 14:34 UK

RBS outlines details of job cuts

RBS logo
700 jobs are to go in IT and property

The first details of where hundreds of jobs will be lost as part of a huge cutback by the Royal Bank of Scotland have been released.

Staff were told that 700 jobs are to go in the bank's IT and property division.

The Unite union said the news would be a "massive blow" to affected workers, with London and Edinburgh badly hit.

Last month the bank announced 4,500 cuts and said further details of which areas would be affected would be outlined over the next two years.

Unite national officer Rob MacGregor said staff across the company had been living with uncertainty about their future since last month.

He said: "This confirmation for employees in the IT and property divisions that they will be the ones hit is devastating."

The bank said the 700 posts to go would be spread across locations throughout the UK.

A spokesman for the bank said: "It is our firm intention to ensure that the number of compulsory redundancies is kept to an absolute minimum."

Cost savings

Earlier this year RBS announced the largest annual loss in UK corporate history - £24.1bn.

The bank which is now 70% owned by the taxpayer, plans to save £2.5bn over the next three years.

Lloyds announced more than 600 job losses on Tuesday, mainly hitting London and Edinburgh.

Earlier this year Unite calculated that finance firms had cut about 20,000 jobs in the first four months of 2009 and said the cull of skilled workers could jeopardise any future recovery.



Print Sponsor


SEE ALSO
RBS warns of 'tough' times ahead
08 May 09 |  Business
RBS reports record corporate loss
26 Feb 09 |  Business

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2013 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific