RBS to axe a further 618 jobs in UK

JOB cuts at the Royal Bank of Scotland yesterday passed the 36,000 mark since the 2008 financial crisis after the taxpayer-backed lender axed a further 600 roles.

• 618 jobs to go from RBS financial planning service

• Unclear how these redundancies will affect Scotland

• Unite says workers have been treated ‘appallingly’

The Edinburgh-based bank said it will cut 618 jobs across the UK as a result of new legislation due to come into force at the end of the year that will change the way in which customers receive advice about investments.

The lender, which is 82 per cent-owned by the government, said it will create 351 roles, reducing the net loss of jobs to 267. However, the Unite trade union labelled the job losses as “brutal”.

RBS said in a statement that the up-coming Retail Distribution Review legislation will have a “fundamental effect” on how companies deliver financial advice and for the staff involved.

It said: “Having to cut jobs is the most difficult part of our work to rebuild RBS and repay taxpayers for their support.

“We continue to make efficiencies across our business to deliver greater value. We will do all we can to support our staff, offer redeployment opportunities wherever possible, keeping compulsory redundancies to an absolute minimum.”