RBS to cut 443 UK jobs, may shift some jobs to India: report
27 June 2017
Royal Bank of Scotland, the state-owned lender bailed out by the British government, is planning to cut 443 jobs, mostly dealing with business loans, as it restructures to emerge leaner in post-Brexit world.
Edinburgh-based RBS, the nation's largest government-owned bank, is reported to be looking at shifting some jobs to India where its business is stronger.
"As we become a simpler, smaller bank, we are making some changes to the way we serve our customers. Unfortunately, these changes will result in the net reduction of 443 roles in the UK," a spokesperson for the bank said.
The bank said it would support staff affected by the "disappointing news", including by moving them into new roles where possible.
Workers' union Unite said British workers and taxpayers would lose out from the move.
"By shipping these jobs to India, RBS will be getting that work done more cheaply at the cost of jobs and livelihoods here in the UK," the spokesperson said.
"We realise this will be difficult news for staff and we will do everything we can to support those affected," the bank said in a statement. "All roles which require customer contact will remain in the UK."
RBS, which is more than 70 per cent state-owned, is in the midst of a major restructuring aimed at returning the bank to profit after almost a decade of straight years of losses.
The bank was rescued with a 46 billion pound ($58.48 billion) state bailout during the 2007-09 financial crisis.
Last month also, the bank had announced some job cuts and plans to move some of them to India.