RBS to cut 3500 jobs

RBS will cut 3500 jobs

Positive results from financial businesses like Hargreaves Lansdown have proven that growth is possible as the UK breaks out of its recession slump, however results are clearly not universal, as The Royal Bank of Scotland have announced they will be axing thousands of jobs.

RBS have claimed they will cut 3500 back office support and technology jobs, as well as closing 12 offices across the UK. Those sites in the UK include offices in Leeds, Bristol, Liverpool, Milton Keynes, Nowrich, Harrogate and Plymouth.

Financial unions have branded the move a "horror story".

According to FinExtra, around 33 percent of the job losses - accounting for 1500 roles - relate to the sale of 318 branches to Santander.

"The scale of the cuts announced today beggars belief and staff across the country today will be left reeling from this news," says Rob MacGregor, Unite national officer. "It will be a specially bitter pill for staff to swallow as RBS has decided to move some of the jobs abroad to the Far East, India and America."

Rob MacGregor confirmed that RBS, which is 84 percent owned by the UK government, has cut 21,500 jobs since 2009. RBS still employs 160,000 staff globally and 100,000 in the UK.

A spokeswoman also warned that more cuts are likely. "Having to cut jobs is the most difficult part of our work to rebuild RBS and repay taxpayers."

Ralph Silva, an analyst for SRN, said: "One of the biggest problems with the economic downturn is that buisnesses have really improved efficiency. That means they need less people."

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