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RBS to cut 9,000 jobs

RBS to cut 9,000 jobs
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The partly nationalised British lender Royal Bank of Scotland has said it could cut its workforce by up to 9,000 over the next two years. That would include 4,500 jobs in the UK.

The bank, which has already announced 2,700 job cuts since the beginning of the year wants to reduce its costs by the equivalent of 2.8 billion euros over the next three years. RBS, which was once the UK’s second-biggest bank, is now 70 percent owned by the state after having to be bailed out because of massive losses on risky loans. The trade union Unite condemned the job cuts saying: “These employees are totally blameless for the current position which RBS is in, yet they are paying for the mistakes at the top of the bank.”