Royal Bank of Scotland to axe 3,000 jobs: report

November 14th, 2008 - 8:15 pm ICT by IANS  

London, Nov 14 (IANS) The Royal Bank of Scotland (RBS) is to shed some 3,000 jobs worldwide despite being in line for a 20 billion pound taxpayer bailout, the British media reported Friday. The Scotsman newspaper said the troubled bank is to axe 15 percent of its global banking and markets work force.

The paper said the move is not expected to affect staff in Scotland, while other reports said the redundancies would mainly be effected in the RBS’s investment banking arm.

An RBS spokesman said: “We constantly review our operating model to make sure that it is appropriate to the market condition, and take action accordingly.”

The bank employs 170,000 staff around the world, including 100,000 in Britain.

Nearly 20,000 job cuts - ranging from 20 at Nottingham building society to 10,000 at British Telecom - have been announced in Britain this week.

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