Royal Bank of Scotland has announced plans to cut 448 investment banking jobs in the UK and move two-thirds of those to India.
Royal Bank of Scotland has announced plans to cut 448 investment banking jobs in the UK and move two-thirds of those to India.
London:
Britain's largest government-owned bank Royal Bank of Scotland has announced plans to cut 448 investment banking jobs in the UK and move two-thirds of those to India. Around 300 jobs will go to existing Royal Bank of Scotland (RBS) operations in Gurgaon and Chennai.
London and Newcastle-under-Lyme will bear the brunt of the job cuts, along with Manchester and the layoffs will take place by the end of next year, 'The Guardian' reported this week.
-"As part of RBS's drive to be a stronger, simpler and fairer bank, we have been restructuring our corporate & institutional bank, as well as reducing its size, to focus on our core customers and products,-" the bank said in a statement.
-"As this process continues, our frontline staff need a simpler, clearer, more efficient relationship with our middle and back-office functions to better serve customers, so we're reshaping our services business accordingly,-" it said. Unfortunately the changes will result in some job losses.
The bank, which is 73 per cent owned by the British taxpayer after a bail-out during the financial crisis, had recently also announced a cut of 550 investment advisers, replacing them with an automated system. It has been in the midst of global restructuring as it reported losses of 2 billion pounds this year
