Understanding the Embedded Finance Landscape

RBS Axes Further 792 Jobs, Closes 162 Branches Amid Digital Transformation

by Aziz Abdel-Qader
  • The fresh job losses came despite the lender reported ‎‎last month its first full-year profit in a decade.‎
RBS Axes Further 792 Jobs, Closes 162 Branches Amid Digital Transformation
Bloomberg
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Royal Bank of Scotland, which is still 70 percent owned by British taxpayers, has ‎accelerated its job-cutting scheme, axing a further 792 jobs and closing 162 ‎branches as customers increasingly turned to online banking.‎

The posts that are being axed are part of a job reductions plan that was first ‎announced by the bailed-out bank last year. It also follows on the closure of ‎‎259 branches in December as RBS progresses an ongoing restructuring program to cut ‎costs and save an extra $3.45 billion by the end of 2020.‎

The news of fresh job losses came despite the state-backed lender reported ‎last month its first full-year profit in a decade.‎

An RBS spokesman said they had made the difficult decision ‎to close a number of Royal Bank of Scotland branches that were too close to one another - within 0.6 and 2.5 miles.‎

He added: ‎“We realize this is difficult news for our colleagues and we are doing ‎everything we can to support those affected. We will ensure compulsory ‎redundancies are kept to an absolute minimum.”

RBS’s CEO ‎has previously signaled further job cuts as Britain’s biggest government-owned lender ‎accelerates its investment in technology.‎

Staff at the Edinburgh-based lender were told by their line managers on ‎Wednesday about the job losses, which cover large parts of the group ‎including retail, group operations, Marketing and finance and risk division.‎

The Union Unite criticised RBS plans to cut further UK jobs dubbing today’s ‎announcement “horrific news for staff.” The organization said it would oppose ‎all job losses and challenge senior management to ensure all those affected ‎by this latest round of announcements be offered suitable alternative employment.‎

Royal Bank of Scotland, which is still 70 percent owned by British taxpayers, has ‎accelerated its job-cutting scheme, axing a further 792 jobs and closing 162 ‎branches as customers increasingly turned to online banking.‎

The posts that are being axed are part of a job reductions plan that was first ‎announced by the bailed-out bank last year. It also follows on the closure of ‎‎259 branches in December as RBS progresses an ongoing restructuring program to cut ‎costs and save an extra $3.45 billion by the end of 2020.‎

The news of fresh job losses came despite the state-backed lender reported ‎last month its first full-year profit in a decade.‎

An RBS spokesman said they had made the difficult decision ‎to close a number of Royal Bank of Scotland branches that were too close to one another - within 0.6 and 2.5 miles.‎

He added: ‎“We realize this is difficult news for our colleagues and we are doing ‎everything we can to support those affected. We will ensure compulsory ‎redundancies are kept to an absolute minimum.”

RBS’s CEO ‎has previously signaled further job cuts as Britain’s biggest government-owned lender ‎accelerates its investment in technology.‎

Staff at the Edinburgh-based lender were told by their line managers on ‎Wednesday about the job losses, which cover large parts of the group ‎including retail, group operations, Marketing and finance and risk division.‎

The Union Unite criticised RBS plans to cut further UK jobs dubbing today’s ‎announcement “horrific news for staff.” The organization said it would oppose ‎all job losses and challenge senior management to ensure all those affected ‎by this latest round of announcements be offered suitable alternative employment.‎

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