Royal Bank of Scotland to cut 600 jobs

The Royal Bank of Scotland is cutting 600 jobs across its branch network, including a number in the north west.

The roles are being cut from its financial planning service in advance of new Financial Services Authority rules which come into force next year, which say that banks must start charging for the previously free service.

The bank said it was cutting the jobs in anticipation of a reduction in demand for the service.

RBS 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.?

RBS said it would try to redeploy affected staff and keep compulsory redundancies to a minimum, but union leaders attacked the bank, which is 82 per cent taxpayer owned, for its ?brutal? cuts.

Unite said the cuts represent a 50 per cent reduction in the department across the country.
National officer David Fleming said: "These latest Royal Bank of Scotland job losses are brutal.

?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.?

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