Tuesday, June 19, 2012

Royal Bank of Scotland to cut 618 UK jobs

The bank, which is 82pc owned by the government after being bailed out, the latest cuts were a result of an expected drop in demand for customer financial advice from next year.

David Fleming of Unite said: "Six hundred staff, who for some time have faced job uncertainty as the bank reviewed their jobs, have today heard the worst possible news."

In January the bank said around 3,500 jobs would be lost as it sells and shrinks its investment bank. The cuts will take place over three years and be split between the UK and operations abroad.

The bank said the latest cuts were a result of an expected drop in demand for customer financial advice from next year, because of a change to legislation resulting in clients having to pay a fee for any advice received in a bid to provide better service and transparency.

The bank reduced its headcount by 2,000 last year and has cut around 30,000 jobs since being bailed out by the government.

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