Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

RBS set to cut 30,000 jobs through sales and restructure

RBS set to cut 30,000 jobs through sales and restructure

The Royal Bank of Scotland (RBS) is set to cut 30,000 jobs in a cost-cutting led restructure, according to reports.

The job losses are part of RBS chief executive Ross McEwan's cost cutting programme and are expected to reduce the bank’s workforce, currently at 120,000 employees by 25% over the next three to five years according to the Financial Times.

RBS is expected to cut 11,000 from its investment bank and also cut numbers from its finance, risk and accounting, with18,500 jobs also expected to go from the sale of its US retail and commercial bank Citizens.

Further events to decrease the bank’s headcount include its planned float of the Williams & Glyn business which employs 4,500 staff and the wind-down of its non-core business will cut another 1,400 roles.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter