4,500 UK jobs to go at RBS

08/04/2009

Part-nationalised bank RBS announced plans yesterday to reduce staff numbers worldwide by 9,000.

Around half of these cuts will come in Britain, as the bank seeks to downsize.

RBS has been one of the banks worst-hit by the global financial crisis and announced a UK record £24 billion loss for 2008.

The government became the single biggest shareholder in the firm after bailing it out in an emergency rescue scheme last year.

RBS chief executive Stephen Hester said: "We have set a new strategy for RBS to restore the bank to standalone strength as soon as practicable.

"From this we want the government to be able to realise value from its investment in RBS."

Trade union Unite reacted angrily to the news.

Rob MacGregor, national officer at the organisation, said: "Unite is appalled that thousands of people, who form the backbone of the RBS operations, are to be made redundant."

Tags; Young Family Finances, Job loss, Recent Graduate Debt,

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