Bank in break-up to cut 3,700 jobs.
ROYAL Bank of Scotland yesterday announced 3,700 job losses across its UK branch network ahead of today's expected break-up plans for Britain's part-nationalised banks.
The jobs are being axed throughout the UK from May next year and will impact on administration staff.
RBS, which is 70% owned by the taxpayer, said the job cuts were being made as part of efforts to "modernise" its operations.
The news comes as plans to break up RBS and Lloyds Banking Group to appease European Commission concerns are set to be revealed.
The duo have been told to sell off parts of their business under negotiations with Brussels over remedies for receiving State aid.
RBS was already in the spotlight after revealing that it would have to offload greater-than-expected chunks of its business, which sent its shares plunging by 8%.
Rob MacGregor, Unite national officer, said: "This move to reduce frontline clerical branch staff by up to a third is short-sighted in the extreme, high street banks are busier than ever as customers increasingly seek a trusted friendly local service."
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|Publication:||Daily Post (Liverpool, England)|
|Date:||Nov 3, 2009|
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