RBS swings axe at another 500
21,500 jobs cut since 2009
State-owned Royal Bank of Scotland is cutting another 500 jobs from its investment banking division.
The bank was unable to say if IT jobs would be hit.
The bank is already looking for 1,000 to leave its technology services division. Negotiations with staff and unions are still ongoing but insiders have told The Register that voluntary redundancies alone are unlikely to cover the losses.
Of the 1,000 jobs going, some 800 are expected to be offshored. Some people have already been turned down for voluntary redundancy, which suggests there could be some demands from staff to leave - or that the wrong people are volunteering.
The Unite union described the government-backed bank's cutting of 21,500 jobs since 2009 as a "horror story".
Compulsory cuts are not expected to start until next May.
The bank said yesterday: "In response to changing market conditions, we have made efficiencies across our business to ensure that we have the right people and resources in place to meet our client needs. We will do all we can to support our staff, offer redeployment opportunities wherever possible, and keep compulsory redundancies to an absolute minimum." ®
"Of the 1,000 jobs going, some 800 are expected to be offshored" for a tax payer bailed out and part owned bank, this is wholly unacceptable imho.
RBS are a disgrace, and It *is* a national scandal. Of course they can rename it 'global re-organisation' or whatever they want, but we all know it's bollocks...
advice: close all RBS accounts down and move elsewhere. A bit of a pain, but worth it. Hard to find any 'ethical banks' (true enough), although here's hoping to find one which doesn't use offshoring (rightshoring (tm)), or whatever you want to call it!
P.S - Please do the needful.
Pissed off RBSer here...
Anon, becuase I work there, but:
1.1BN profit in 6 months
Only in profit because of the UK tax payers' bail out
Shipping jobs to india, making UK tax payers redundant
This should be a national scanal
I wouldn't mind losing my job (as much) if we weren't in profit and if that job wasn't going to be done in another country, but maily if we weren't in debt to the UK tax payer.
Which is pretty much what I said to my MP www.theyworkforyou.com