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RBS and Lloyds announce 1,700 job cuts

More than 1,700 professionals in the British banking industry are to lose their jobs, it has emerged today (14 March).

State-funded financiers the Royal Bank of Scotland (RBS) and Lloyds Banking Group have announced they will implement a combined total of 1,764 redundancies as part of their restructuring plans in the aftermath of the economic slump.

Lloyds is responsible for the lion's share of these losses and stated its decision to axe 1,300 positions will affect several of its divisions, including insurance and executive functions.

Meanwhile, RBS indicated its 464 redundancies are necessary as it looks to rebuild following the recession.

However, union leaders have reacted angrily to the news that 300 of the 1,764 roles are being transferred to India due to the Asian country's low-wage economy.

David Fleming, national officer of Unite, said this "adds insult to injury" and labelled the decisions of RBS and Lloyds as "truly brutal".

By Claire Archer