ROYAL Bank of Scotland (RBS) plans to cut up to 500 jobs over three years in its UK wealth management business after a major overhaul in technology.
The bank, more than 80 per cent owned by the UK government after it was bailed out during the credit crunch, said the roles would be cut across its UK wealth businesses Coutts & Co and Adam & Co.
An RBS spokeswoman said: “Today we are announcing a major investment in our processes and technology in our wealth management division to help us deliver better service and a wider choice for our clients. As a result of the changes we are restructuring our operations and this will unfortunately lead to job losses.”
Union Unite is protesting against the cuts. Unite national officer Rob MacGregor said: “The decision to cut 500 staff will bring much anxiety to the staff in these areas of the business. Unite does not believe that the introduction of, and investment in new technology should go hand in hand with the shedding of jobs.”
MacGregor added: “Our key priority now is to avoid compulsory redundancies and Unite will ensure that RBS continues to work with the union to minimise the impact of this restructuring.”