The Royal Bank of Scotland has revealed it is to cut 3,000 jobs worldwide, representing 15 per cent of its global banking and markets personnel. The news didn’t come as a surprise after Stephen Hester, the new RBS chief executive, warned of job losses in the near future. With the bank set to make its first ever annual loss, it is feared that further job losses could be on the horizon. The current job cut is not expected to affect Scottish employees, though experts have warned of another RBS cull of as many as 6,000 workers in the coming months.
RBS aren’t the only company being forced into job cuts, with fears of significant job losses from the proposed takeover of HBOS by Lloyds TSB. Meanwhile, BT has confirmed it is to release 10,000 staff, of which seven thousands jobs will be in the UK. JCB and Friends Provident have also revealed heavy redundancies, adding to the 1.82 million people unemployed in the three months to September. That figure represents an increase of 140,000 on the previous quarter and is the highest figure in over a decade. The latest cuts are expected to take the number of unemployed people over the two million mark.
Royal Bank of Scotland Reveals Job Cuts
Royal Bank of Scotland Reveals Job Cuts
Fri, 14 Nov 2008
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