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Royal Bank of Scotland to cut 3,700 jobs

Royal Bank of Scotland to cut 3,700 jobs
AFP
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First Published: Tue, Nov 03 2009. 07 57 PM IST
Updated: Tue, Nov 03 2009. 07 57 PM IST
London: Royal Bank of Scotland, rescued by the British government in the wake of the global financial crisis, said on Tuesday that it planned to axe about 3,700 jobs across its retail operations in Britain.
“RBS has begun a process of consultation with staff in the UK regarding a restructuring of its Retail Banking division that will result in losses of approximately 3,700 jobs,” the state-owned banking group said in a statement.
The announcement comes as the British government is on Tuesday set to lay out plans to break up Royal Bank of Scotland and another lender it rescued, Lloyds Banking Group.
RBS earlier Tuesday said it would consider selling more assets than initially planned to win EU support for the state aid received by the group, sending its shares plunging.
The embattled company, which is 70% owned by the taxpayer after a huge bailout last year, added it was close to an agreement over the terms of its participation in a government scheme to insure toxic or high-risk assets.
Media reports yesterday suggested that RBS could be forced to sell its Churchill and Direct Line insurance division and part of its investment banking arm, to allay European Commission (EC) concerns about state aid.
Also over the weekend, British finance minister Alistair Darling outlined plans to create three new high street banks from the bailed-out lenders RBS, Lloyds Banking Group and Northern Rock.
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First Published: Tue, Nov 03 2009. 07 57 PM IST