15th Mar 2016 12:23
LONDON (Alliance News) - Royal Bank of Scotland Group PLC is cutting 448 investment banking jobs, the Financial Times reported on Tuesday, with back office and middle office positions to be removed.
According to the report, RBS is creating 300 similar roles in India in a move to cut costs. None of the jobs are customer-facing. As its investment bank continues to shrink, RBS will cut those outsourced roles over time, the FT reported.
"As part of RBS's drive to be a stronger, simpler and fairer bank, we have been restructuring our Corporate & Institutional Bank, as well as reducing its size, to focus on our core customers and products. As this process continues our frontline staff need a simpler, clearer, more efficient relationship with our middle and back office functions to better serve customers, so we?re reshaping our services business accordingly," an RBS spokesperson told Alliance News.
"Unfortunately the changes will result in some job losses. We realise how difficult this news is for our staff and we are working to support those affected. We will redeploy staff into new roles wherever possible," the spokesperson added.
RBS is planning to pass about GBP18 million in extra annual pension costs to its 27,000 defined benefit pension scheme members, the FT report said. RBS declined to comment to Alliance News on the pensions matter.
Shares in RBS were up 1.5% at 234.60 pence on Tuesday late morning.
http://on.ft.com/1Wn5FvA
By Samuel Agini; [email protected]; @samuelagini
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