Taxpayer-owned RBS sheds 500 more jobs

The Royal Bank of Scotland (RBS) has announced another 500 job cuts, this time targeting the investment banking division and predominantly focusing on back-office staff based in London.

The news comes weeks after the bank, 84% of which is owned by the Government, said it was cutting 3,500 jobs from its technical and back-office division.

In a statement the bank said: “In response to changing market conditions, we have made efficiencies across our business to ensure that we have the right people and resources in place to meet our client needs. We will do all we can to support our staff, offer redeployment opportunities wherever possible and keep compulsory redundancies to an absolute minimum.”

A spokeswoman for RBS said that the redundancies would take place over the next few months, after the consultation process.

The fresh cull means that RBS has shed 27,000 jobs since a restructure in early 2009. The company currently has 160,000 staff.

RBS reported the biggest loss in UK corporate history in 2008 of £24.1 billion. However, in the first half of 2010 it made £1.14 billion.

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