Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
Sector
Financial Services
Financial And Insurance Activities
Financial Service Activities, Except Insurance And Pension Funding
64.19 - Other monetary intermediation

500 jobs
Number of planned job losses
Job loss
Announcement Date
2 June 2010
Employment effect (start)
Foreseen end date

Description

RBS has announced plans to cut 500 jobs as a part of a three-year restructuring plan. The jobs will go from its wealth management division which employs about 3,500 staff across the UK. RBS stated that it would try to minimise compulsory redundancies. The bank has been trying to cut costs since the massive government bail-out to save it from collapse in 2007. 


Sources

  • 2 June 2010: BBC News

Citation

Eurofound (2010), Royal Bank of Scotland, Internal restructuring in United Kingdom, factsheet number 70618, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70618.