RBS job losses at 36,000 post latest cull

State-backed lender Royal Bank of Scotland is making more than 600 staff redundant as a result of legislation due to come into force at the end of the year

Written by Reuters | London | Published:June 20, 2012 1:25 am

State-backed lender Royal Bank of Scotland is making more than 600 staff redundant as a result of legislation due to come into force at the end of the year,bringing total staff reductions at the bank since its 2008 bailout to around 36,000.

RBS said the jobs would go as a result of new rules requiring retail financial products such as savings and investment vehicles to be sold by more highly qualified staff and charged a fee.

“As a response to this we will be reducing the number of roles by 618 across the UK and creating 351 new roles,” an RBS spokesman said.

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