Royal Bank of Scotland Group Plc, the recipient of the world’s biggest banking bailout, will cut 1,400 jobs at its U.K. consumer banking unit in the next two years.
The lender will spend 700 million pounds ($1.07 billion) updating its branches and improving its complaints handling and mortgage processing, it said in a statement today.
Chief Executive Officer Stephen Hester, 52, is struggling to turn around the 81 percent government-owned bank and begin the process of returning it to private ownership before the next general election in 2015. RBS, which has announced 37,000 job cuts since its 45.5 billion-pound bailout in 2008 and 2009, employed about 123,000 people at the end of March, according to data compiled by Bloomberg.
“This is clearly difficult news for our staff and we will do everything we can to support them, including seeking redeployment opportunities wherever possible to ensure compulsory redundancies are a last resort,” Ross McEwan, chief executive officer of U.K. consumer banking, said in the statement.
Chosen excerpts by Job Market Monitor
via RBS to Reduce 1,400 Jobs in U.K. Consumer Unit Overhaul – Bloomberg.
Related Posts
UK / HSBC bank cutting 3,166 jobs
HSBC is cutting 3,166 UK jobs as it continues efforts to reduce costs. The bank said the positions would mostly go from its wealth management division, but that it hoped to redeploy more than 2,000 of the affected staff. The cuts are part of HSBC’s continuing three-year cost-cutting plan, and follows the loss of 2,200 … Continue reading »
UK / Finance to cut another 18,000 jobs
Banks, insurers, asset managers and other finance firms cut 25,000 jobs in the final quarter of 2012, with banking seeing the deepest drop, the survey of 94 companies showed. The cuts will means about 132,000 jobs have been lost in the sector since the downturn began in 2008, when it employed around 1 million people, … Continue reading »
Finance / 300,000 jobs gone in the past two years, more than half a million in four years
Wall Street’s cost cuts and dismissals, which have helped erase more than 300,000 financial- industry jobs in the past two years, are far from over. Citigroup Inc. (C)’s announcement yesterday of plans to eliminate 11,000 positions in units spanning equities trading to consumer banking is the latest sign of strain from a market slowdown, stiffer … Continue reading »
Finance – Midlevel Jobs Going Out of Wall Street
New York’s biggest investment houses are shifting jobs out of the area and expanding in cheaper locales in the United States, threatening the vast middle tier of positions that form the backbone of employment on Wall Street. The shift comes even as banks consider deeper staff cuts here, which could undermine the state and city … Continue reading »
Australia | Finance Industry Has Lost 3k Jobs in the first 4 months of 2012
A shocking 3000 jobs have been lost in Australia’s finance industry in the first four months of the year according to the National Secretary of the Financial Services Union. Though the majority of these jobs were lost in the first six weeks of the year, with the announcement from the Australia & New Zealand Banking … Continue reading »
HSBC | 2,000 UK layoffs
Banking giant HSBC is this week expected to announce some 2,000 UK job cuts as part of a restructuring of its global business. The axe is expected to fall on nearly 4% of the bank’s 52,000-strong UK workforce in a drive to slash costs and help the business react to the tougher climate in the … Continue reading »
Banks need another 40,000 job cuts says Roland Berger Strategy
Roland Berger Strategy, one of the world’s leading consulting firms, said the global investment banking sector would need another 40,000 job cuts to restore sustainable economics. The sector has already stepped up restructuring programmes, reduced headcount by about 15,000 since mid-2011 and has announced another 25,000 job cuts. According to a report issued by the … Continue reading »
Banks / Job cuts amount to near 160,000
Major banks have announced about 160,000 job cuts since early last year and with more layoffs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two to one. A Reuters analysis of job cuts announced by 29 major banks showed the layoffs were … Continue reading »
4 Big Banks to Begin New Layoffs
Here are big banks that are or could be planning big layoffs. Bank of America (NYSE:BAC): On Wednesday, BofA announced its intention to cut costs by $3 billion annually in its investment-banking, commercial-banking and wealth-management units. These cuts will happen by 2015. Goldman Sachs (NYSE:GS): The mega bank also announced Wednesday its plans to cut …Continue reading »
Asia: Investment banks launch round of job cuts
Investment banks and brokerages across Asia have launched a sweeping round of job cuts as Europe’s debt crisis and China’s economic slowdown bite into the region’s financial activity. Speaking to bankers and other industry sources, Reuters was able to confirm at least 50 people were let go in the past three weeks, a cull that … Continue reading »
Europe’s banks bleed from Greek debt crisis | Reuters
The scars of Greece’s debt crisis were laid bare in heavy losses from a string of European banks on Thursday, and bosses warned the region’s precarious finances would continue to threaten economic growth and earnings. From France to Germany, Britain to Belgium, four of the region’s biggest banks lined up to reveal they lost more … Continue reading »
Job Market Monitor 
Discussion
Trackbacks/Pingbacks
Pingback: Banks in Europe – 80,000 jobs cut in 2013 finds Reuters | Job Market Monitor - April 13, 2014
Pingback: Royal Bank of Scotland (RBS) – To cut 14,000 jobs by 2019 | Job Market Monitor - March 4, 2015