Restructuring events
European Restructuring Monitor (ERM)
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.
The Royal Bank of Scotland (RBS) has announced plans to cut 618 jobs in response to new legislation coming into force at the end of 2012. The bank also said it would create 351 new advisory roles.
According to the new legislation, customers will be charged fees for investment advice from an expert and as a result RBS expects fewer people using these services.
The job cuts are adding to 35,500 already made since the onset of the financial crisis in 2008. The union United characterized the redundancies as 'brutal'.
Eurofound (2012), Royal Bank of Scotland (RBS), Internal restructuring in United Kingdom, factsheet number 73823, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73823.