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RBS swings axe at another 500

21,500 jobs cut since 2009

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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." ®

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