Royal Bank of Scotland to axe further 500 jobs

The Royal Bank of Scotland is set to shed a further 500 jobs.

The move will see posts go in the wealth management unit at Coutts & Co, RBS Coutts and Adam & Company. The news comes just three weeks after the bank said it would cut 2,600 people from its payroll in insurance and retail banking.

In a statement, RBS said major investment in its processes and technology in the wealth management division would result in restructuring, which would “unfortunately lead to job losses.”

“We will do all we can to support staff through this process and to keep compulsory redundancy to an absolute minimum,” an RBS spokeswoman said. “So far the job losses we’ve announced to date have resulted in fewer than one in four people being made compulsorily redundant.”

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However, Unite the union is furious about the cuts. National officer Rob MacGregor said: “Unite does not believe that the introduction of, and investment in new technology should go hand in hand with the shedding of jobs. Instead RBS should focus on ensuring that staff can continue to give customers the high levels of service they expect from the Queen’s bank.

“Our key priority now is to avoid compulsory redundancies, and Unite will ensure that RBS continues to work with the union to minimise the impact of this restructuring.”