The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.1 - Monetary intermediation
4,800 jobs Number of planned job losses
Announcement Date
12 January 2012
Employment effect (start)
23 January 2012
Foreseen end date
31 December 2014
Description
On 12 January 2012, the Royal Bank of Scotland, which is majority owned by the British government (83%), announced around 4,800 job cuts worldwide in the framework of a major restructuring of its investment banking arm, and a sell-off of loss-making businesses.
Job losses will affect the investment banking division (3,500 jobs) over three years in the UK and other countries, plus 1,300 jobs will be cut (in particular 600 jobs in the Irish Republic and another 350 in Belfast and other northern UK locations). The losses take the number of staff shed by the bank since 2008 to about 35,000. On April 2009, RBS announced 9,000 job cuts worldwide in a bid to reduce costs and repay government funds (Factsheet 14869).
Sources
12 January 2012: Bloomberg Businessweek
12 January 2012: AFP Liaisons
Citation
Eurofound (2012), Royal Bank of Scotland, Internal restructuring in World, factsheet number 72950, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72950.
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