• 19 Jun 2012 at 2:20 PM

Layoffs/Hiring Watch ’12: RBS

The bad news is that 600 of the Queen’s corgis are being let go. The good news, while it probably comes as little solace to those who will no longer receive birthday chickens, is that 300 or so new ones will be hired in their place.

State-backed lender Royal Bank of Scotland is making more than 600 staff redundant as a result of legislation due to come into force at the end of the year, bringing total staff reductions at the bank since its 2008 bailout to around 36,000. RBS, 82 percent owned by the government, said the jobs would go as a result of new UK rules requiring retail financial products such as savings and investment vehicles to be sold by more highly qualified staff and charged a fee. “As a response to this we will be reducing the number of roles by 618 across the UK and creating 351 new roles,” an RBS spokesman said on Tuesday. “Having to cut jobs is the most difficult part of our work to rebuild RBS and repay taxpayers for their support. We continue to make efficiencies across our business to deliver greater value to our customers and shareholders,” the spokesman added.

RBS Job Loss Hits 36,000 [Reuters]

Comments (54)

  1. Posted by B Iteme | June 19, 2012 at 2:46 PM

    A bank without a purpose. Shutter the damn thing and move on.

  2. Posted by Not Me | June 19, 2012 at 2:47 PM

    Jeff, Bob, and Kate, come to my office. I want you to meet our new team member. This is Jack, he just graduated this past May. Oh and before I forget, this will be your last week here, so I want the three of you to pack up your personal items. Thanks.

  3. Posted by mathman | June 19, 2012 at 2:58 PM

    Reduce by 618, add 351, adjust for birth/death and seasonal impacts = RBS created 126,000 jobs

    - BLS quant on loan to ONS

  4. Posted by Guest | June 19, 2012 at 3:00 PM

    How will I buy my haggis?

  5. Posted by McGuest | June 19, 2012 at 3:07 PM

    Actually, I think the way that story goes is " I don't know if I should lay you or Jack off"- RBS joke quant

  6. Posted by Likkal | June 19, 2012 at 6:28 PM

    UBS or RBS they both suck.

  7. Posted by 25th Hour Trader | June 19, 2012 at 6:52 PM

    "…be sold by more highly qualified staff"

    I hope he's not calling me a muppet.

    -former RBS advisor who would like everyone to know he passed his Series 7 the first time he took it for the 7th time.

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