RBS UK job cuts focus on insurance division
Direct Line and Churchill are likely to be hit with job losses in the coming year, as Royal Bank of Scotland (RBS) continues with its restructuring agenda and prepares to sell off its insurance business.
The bank’s Privilege, UKI, Green Flag and NIG brands also form part of the insurance division, which employs over 16,000 staff and faces around 2,000 job losses.
A further 600 posts will go at RBS’s Edinburgh and London offices.
The 84% state-owned bank has so far cut jobs by almost 23,000 worldwide and says it will continue to keep compulsory redundancies to a minimum.
An RBS spokesman commented: “We are working hard to rebuild RBS in order to repay taxpayers for their support and having to cut jobs is the most difficult part of this process.”
The group’s insurance business was valued at around £6 billion when a sale was attempted back in 2008.
Category: DirectLine Insurance News, Employment News, Insurance News, Royal Bank of Scotland News
Visited 3757 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.