RBS’s wealth management unit to see job cuts

3 June 2010

The wealth management unit of the Royal Bank of Scotland (RBS) is to see 500 jobs cut.

According to reports, the introduction of new technology is behind the positions being lost across the Coutts and Adam & Co businesses.

A spokeswoman for the bank told STV: “We are working hard to rebuild RBS in order to repay taxpayers for their support and having to cut jobs is the most difficult part of this process.”

“Today we are announcing a major investment in our processes and technology in our wealth management division to help us deliver better service and a wider choice for our clients," she explained.

"As a result of the changes we are restructuring our operations and this will unfortunately lead to job losses."

RBS is expected to implement the cuts over the course of the next three years.

However, union Unite claimed that the introduction of new technology should not necessarily result in job losses.

The wealth management department currently employs 5,000 staff, with 3,500 of this figure based in the UK.

Earlier in the year, RBS announced over 2,500 jobs would be cut from its retail and insurance divisions.

By Jim Ottewill

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