600 RBS jobs go in 'brutal' cuts

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UK NEWS

Job cuts at the Royal Bank of Scotland's financial planning service represent a 50 per cent reductio

Union leaders have attacked the Royal Bank of Scotland for announcing "brutal" cuts of 600 jobs from its financial planning service.

Unite said the cuts represent a 50% reduction in the department across the country.

National officer David Fleming said: "These latest Royal Bank of Scotland job losses are brutal. Six hundred staff, who for some time have faced job uncertainty as the bank reviewed their jobs, have today heard the worst possible news.

"Unite, for some time, has had major concerns about the appalling manner in which these workers at the bank have been treated. The union has continually raised with the bank the increasingly unachievable targets imposed on the workforce and is calling on it to review this redundancy procedure.

"Those losing their jobs today are a highly skilled workforce, and the bank has refused to take into account economic factors which have impacted performance and achievability of targets.

"Unite will oppose all compulsory job losses and challenge the ongoing management of this area of RBS."

RBS, which is 82% taxpayer-owned, said in a statement: "The Retail Distribution Review legislation takes effect from December 31 2012 and will have a fundamental effect on how financial institutions deliver advice to customers across the whole industry, and for the workforce involved.

"From December 31 2012, customers will be charged a fee for the advice they receive from a qualified professional. If our customers choose financial advice for investment products, the costs will be made transparent at the outset.

"As a response to this, we will be reducing the number of roles by 618 across UK and creating 351 new roles. 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.

"We will do all we can to support our staff, offer redeployment opportunities wherever possible, keeping compulsory redundancies to an absolute minimum."

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