1,400 staff cut at RBS’ retail head offices

Tim Wallace
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RBS will cut another 1,400 staff over the next two years, the taxpayer-backed lender announced yesterday, joining HSBC which is slashing up to another 14,000 roles, and Lloyds, which is mid-way through a scheme to cut 15,000.

The bank said the move would free up resources to spend on improving customer services.

The cuts will largely fall in head offices in London and Edinburgh, within the retail arm.

Roles affected include marketing and back office processing positions.

It comes after the bank announced a plan to spend £700m on better customer service, investing in improved branches and an improved online service.

The money saved from chopping the staff will go towards that scheme.

“To serve our customers well we have to ensure that our resources are focused on the things that matter most to them. That is why we are investing £700m in the next three years in new and improving services,” said retail boss Ross McEwan. “Regrettably, we can only do that by restructuring the way we work in head office so that every effort is concentrated on supporting our customers and the frontline staff that serve them.”

RBS’s shares rose 3.8 per cent.