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RBS slashes 130 Adam & Co jobs in Edinburgh
by Drazen Jorgic on Sep 15, 2010 at 07:00
Embattled private bank Adam & Co is to axe 130 jobs from its Edinburgh office.
A spokesperson for Royal Bank of Scotland's (RBS) Wealth division said all 130 posts are back office roles and that other Adam & Co offices will be exempt from cuts. In total, the private bank has around 350 staff across the UK but 300 of those are based in Edinburgh.
The job cuts are part of an efficiency drive following the installation of a new IT platform, Avaloq, which has cost RBS over £100 million to install. Earlier this summer, RBS said it was looking to shed 500 jobs across its wealth division in the UK, which also includes RBS International and Coutts.
Since the installation of Avaloq was completed at Adam & Co before Coutts and RBS International, the private bank has ended up being the first to make cuts.
A spokesperson for RBS Wealth said: 'We will do all we can to support our staff, offer redeployment opportunities wherever possible and keep compulsory redundancies to an absolute minimum.'
Adam & Co has been hit by a string of departures over the past 18 months, and many of the back office staff have already defected to a rival firm, IM Wealth, which former Adam & Co Investment Administration chiefs are now spearheading.
This month, the firm also lost its chief executive, David Cathie, who has been replaced on an interim basis by Adam's head of private banking Kerry Falconer (pictured).
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