Cost-slashing RBS ships 443 posts to India
TAXPAYER-controlled Royal Bank of Scotland is cutting hundred of UK jobs and moving its loans team to India.
RBS said it was shifting 443 jobs that handle small business loans in an ongoing cost-cutting drive.
The firm, which owns RBS and NatWest, said UK staff would still deal with customers and decide on granting loans. But Unite union said RBS would get the work done more cheaply but at the expense of of jobs and livelihoods in the UK. In March the bank also said it was axing 158 branches, mostly NatWest outlets, with the loss of up to 362 jobs. Last year it shed more than 500 jobs, part of a plan to replace staff giving investment tips with “roboadvisers”.
RBS has been trying to cut costs since a £45billion Government bailout nearly 10 years ago. The latest decision will unsettle the bank’s small business customers, according to Mike Cherry, chairman of the Federal of Small Businesses.
The company said staff in Mumbai would take over back-office roles such as background checks and UK-based staff would continue to do the work that involved customer contact.
An RBS spokesperson said: “As we become a simpler, smaller bank, we are making some changes to the way we serve our customers. Unfortunately, these changes will result in the net reduction of 443 roles in the UK.”