'Big job cuts' at RBS

10 April 2008

Mass job cuts are expected at UK bank RBS, the Daily Telegraph reports.

The move has been made as the numbers of mergers and acquisitions fall in the wake of the credit crunch.

Accordingly, the majority of the 200 redundancies are expected in RBS' investment banking and debt arms.

Included in the total are cuts from the wholesale banking part of ABN Amro, the Amsterdam-based bank taken over by a consortium led by RBS last year.

A recent study from the Centre for Economics and Business Research suggested that around 8,000 jobs in the UK financial services sector would be lost before the end of 2008 as the credit crunch continues.

An RBS spokesman said: "Most global financial institutions are reviewing their businesses in light of the current market conditions."

However, he declined to comment on job cuts specific to the Edinburgh-based bank.

RBS currently employs around 28,000 people.

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