RBS has shed 20,000 jobs in total since the start of the financial crisis however the bank has seen fortunes largely turn around in the last few months following the announcement of a £1.1 Billion profit in the first half of 2010. The bank said that the job losses were largely the result of the sale of 318 branches to Santander, which was ordered by the European Commission for competition reasons following the UK Governments bail out of the bank.
A spokesperson for RBS said that “Having to cut jobs is the most difficult part of our work to rebuild the Royal Bank of Scotland and repay taxpayers for their support. We continue to make efficiencies across our business and adjust our plans in line with the divestments we have been required to make by the European Union.”
RBS Plans to offshore jobs
However Unite, (one of the largest trade unions in the United Kingdom with over 3 million members), was left furious not only by RBS’s decision to shed jobs following very positive half year results but by news that up to 500 jobs would be moved to the Far East, India and the United States. Rob MacGregor, Unite’s national officer, said that “The news that the Royal Bank of Scotland is to cut another 3,500 staff from across the UK is a horror story. Just three weeks ago staff were boosted to hear of the £1.1 billion half year profit, yet today thousands of them are told that they have no future at the bank. News that the bank will offshore jobs in the future is an especially bitter pill for staff to swallow”.
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