Edinburgh: The Royal Bank
of Scotland (RBS) is cutting 448 corporate and investment banking jobs in the
UK, moving two-thirds of them to India.
Justifying its reasons for downsizing the jobs, RBS said: “As part
of RBS’s drive to be a stronger, simpler and fairer bank, we have been
restructuring our corporate and institutional bank, as well as reducing its
size, to focus on our core customers and products.” “As this process continues,
our frontline staff needs simpler, clearer, more efficient relationship with
our middle and back-office functions to serve customers better, so we’re
reshaping our services business accordingly. Unfortunately the changes will
result in some job losses,” it further added.
The news comes a month
after RBS announced pre-tax losses of £1.98 billion in 2015, the eighth year in
a row that the bank has made a loss.
John Morgan-Evans, regional officer of the Unite union,
said: “Unite is disappointed that despite RBS’s promise to build a
UK-focused bank, we continue to see jobs shipped out of the UK. It was
inevitable that RBS’s talk of ‘technology simplification’ would come down to
yet more job cuts, as that remains the bank’s go-to solution to whatever the
problem is.” “Once again placating shareholders with short-term savings is
being prioritized over the long-term future of the bank and the employees who
keep RBS running,” he further added.
The 289-year-old bank has around 700 branches, mainly in Scotland,
though there are branches in many larger towns and cities throughout England
and Wales too.
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