RBS: Barclays' ABN Amro bid will cut 2,000 more UK jobs

6 June 2007

Barclays Bank's offer for ABN Amro would result in 9,000 more job losses in Britain than Royal Bank of Scotland's (RBS), the Scottish bank has announced.

Should the Dutch bank accept Barclays' offer some 11,000 jobs in the UK would be cut, RBS has claimed in an article in the Times.

Meanwhile, in the event of the rival bid from the consortium headed by RBS being accepted just 2,000 jobs will be lost in the UK, it has been stated.

However, the axe is likely to fall on jobs in the territories in which other RBS consortium members, Banco Santander and Fortis, are based such as the Benelux countries and Spain, Italy and Brazil.

Taken as a whole, however, RBS claims that its offer would still result in just 19,000 jobs being cut - as opposed to the 23,600 that Barclays' business plan would entail.

News of the statements from RBS comes as it today confirmed that it had not resumed negotiations with Bank of America over the purchase of ABN Amro's American unit La Salle, which presents a considerable obstacle to the consortium's takeover plans.

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