RBS is moving hundreds of jobs to India

 
Emma Haslett
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The bank said moving the jobs was part of its restructuring

Hundreds of jobs processing business loans will be shifted from the UK to Mumbai under new plans by the Royal Bank of Scotland (RBS).

The lender, which is 73 per cent owned by the taxpayer, will cut 443 jobs in the UK, hiring replacements for its portfolio management team in India.

A spokesperson said staff based in the UK will continue to do the work that involves contact with customers, but said the job cuts were necessary as part of its restructure.

"As we become a simpler, smaller bank, we are making some changes to the way we serve our customers," he said.

"Unfortunately, these changes will result in the net reduction of 443 roles in the UK. We realise this will be difficult news for staff and we will do everything we can to support those affected, including redeployment into new roles where possible. All roles which require customer contact will remain in the UK."

The news comes after RBS announced plans to move more than 300 technology roles to India in May.

Restructure

In September the lender announced plans for a major restructure, to help it comply with UK ring-fencing regulations.

In April it unveiled £259m profit, its first profit in 18 months. The news came shortly after chancellor Philip Hammond had admitted rather than hang onto the bank for the foreseeable future while it attempted to shore up its share price, the Treasury could sell off its stake in the bank at a loss.

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