Royal Bank of Scotland to cut 3,500 UK jobs

3 September 2010

The Royal Bank of Scotland (RBS) has announced plans to reduce its UK workforce by a further 3,500 jobs.

According to the financial services provider, the cuts will impact the support and middle and back office divisions and are in part due to the sale of more than 300 outlets to Spanish bank Santander earlier in the year.

Since current chief executive officer Stephen Hester took over as part of a restructuring in the wake of the global credit crisis, an estimated 27,000 job cuts have been made at the bank.

In a statement, RBS said: “Having to cut jobs is the most difficult part of our work to rebuild RBS and repay taxpayers for their support.

“We continue to make efficiencies across our business and adjust our plans in line with the divestments we have been required to make by the EU.”

The bank concluded: “We will do all we can to support our staff, offer redeployment opportunities wherever possible and keep compulsory redundancies to an absolute minimum.”

A total of 12 sites including those located in Leeds and Liverpool are thought to be hit by the cuts over the course of the next two years.

By Jim Ottewill

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