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 - Financial service activities, except insurance and pension funding
600 jobs Number of planned job losses
Announcement Date
14 April 2016
Employment effect (start)
Foreseen end date
Description
Royal Bank of Scotland (RBS) banking group has announced plans to cut a further 600 jobs from its workforce. The banking group which is majority-owned by the British taxpayer will be closing 32 of its Natwest branches in order to cut costs and adjust its services in response to customers' increasing preference for digital banking. It is being reported that 200 jobs will be lost in London, with 400 being lost across the North and the Midlands. In addition to the closures, it is also being reported that cuts to working hours are being considered for the remaining branches. The bank has committed to keeping compulsory redundancies to a minimum and to seek out redeployment opportunities wherever possible. It is not yet known when the job losses will take effect.
Sources
14 April 2016: The Guardian
14 April 2016: Daily Express
Citation
Eurofound (2016), Natwest, Internal restructuring in United Kingdom, factsheet number 87329, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/87329.
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