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27/08/2010

‘Tossing the Caber’ For Royal Bank Of Scotland.

Part-nationalised Royal Bank of Scotland announces huge job losses for its staff, 14 of the 27 offices are being closed, after being forced by the European Commission to sell its insurance division by 2013.

Ironically, Scotland looks to be most severely affected financially, following the latest cuts. Glasgow offices are the first to be closed, affecting over 640 staff, with Peterborough losing 660 and Bristol, 480.

Scottish Finance Secretary, John Swinney, notes that the hit is “hugely disappointing” for the Scottish financial sector. The trade union Unite is also urging the bank to maintain a greater level of transparency and honesty in its dealings in order to end the period of uncertainty for many RBS employees.

Despite the national axe falling on many regions of the UK, Yorkshire employees remain unaffected by the drawbacks. It has been stated it will be ‘business as usual’ for the 3,600 staff in the area.