Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.11 - Central banking

3,000 jobs
Number of planned job losses
Job loss
Announcement Date
14 November 2008
Employment effect (start)
Foreseen end date


Royal Bank of Scotland is to cut about 3,000 jobs from its global workforce of 170,000 in an attempt to survive the current economic crisis. The bank is already receiving £20bn from the UK government and blames its past, high exposure to the US subprime market for the £691m loss in the first half of the financial year. The job losses will affect RBS investment banking businesses and the staff in the global banking and markets division. Employees will be briefed on the cuts within the next two weeks (by the end of November 2008). It is expected that the cuts will affect more than 50 countries.


  • 14 November 2008: The Guardian
  • 14 November 2008: BBC News


Eurofound (2008), Royal Bank of Scotland (RBS), Internal restructuring in World, factsheet number 67380, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67380.