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.
RBS (Royal Bank of Scotland) has announced a further round of job cuts as it continues to seek cost reductions across the business. The latest announcement has stated that a further 900 jobs are to be lost. This follows several rounds of cuts and cost saving measures earlier in 2016. It is understood that these new cuts will come predominantly from back office and IT support roles.
The bank is part-owned by the UK government, following its bailout during the financial crisis. When the government stepped in the bank had a global workforce of approximately 180,000 staff. By contrast the current figure is around 89,000 with 64,000 of these staff being based in the UK. The time-scale for the latest job cuts has yet to be announced.
Eurofound (2016), RBS, Internal restructuring in United Kingdom, factsheet number 88188, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88188.