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RBS to axe thousands more jobs in cost-cutting drive
by James Phillipps on Jan 09, 2014 at 08:00
Royal Bank of Scotland is planning to axe thousands more jobs in a cost-cutting move.
According to Sky News, new boss Ross McEwan (pictured) will announce the move when the bank’s results are published in six weeks. RBS’s workforce has already shrunk by around a quarter from its peak of 161,000 at the time of its government bailout in 2008 with over 40,000 having left, been made redundant or departed as a result of the sale of non-core assets.
The bank announced another review of its operations under McEwan, including ‘plans to realign the group’s cost-base’ in its third quarter.
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As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
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