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
New offshoring locations
448 jobs Number of planned job losses
Announcement Date
14 March 2016
Employment effect (start)
14 March 2016
Foreseen end date
31 December 2016
Description
UK bank, RBS has announced plans to reduce the size of its UK investment banking workforce by 448 jobs. The majority of jobs will be lost from RBS operations located in London, Newcastle-under-Lyme and Manchester. RBS, which since the financial crisis is majority publicly owned, has said that the job cuts will come from back office and middle management, including some technology and support services jobs. The job losses will be finalised by the end of 2017.
The bank has said that around three hundred of the jobs will be outsourced to an existing RBS operations located in Gurgaon, near Delhi and Chennai in India. This latest announcement follows a further recent announcement to cut 550 investment roles as a result of automation (see earlier factsheet). The reduction in the UK workforce forms part of a broader plan to make cost savings in 2016 totalling £800 million (approx. €1028 million).
Sources
15 March 2016: The Guardian
15 March 2016: Financial Times
15 March 2016: BBC News UK
Citation
Eurofound (2016), RBS, Offshoring/Delocalisation in United Kingdom, factsheet number 86822, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86822.
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