RBS staff wait for job cut news
Friday 14th November 2008, 11:30AM GMT.
ROYAL Bank of Scotland International’s 200 staff in Guernsey are waiting to hear this morning if any of them are to lose their job.
According to the BBC, the bank is to cut 3,000 in its global banking and markets workforce. It is understood the high street operations and those of subsidiary NatWest will be unaffected.
In total, RBS employs about 170,000 people, roughly 100,000 of which are based in the UK.
Up to 1,000 of the jobs are expected to be lost in the UK, according to the Times, as the bank prepares for a global recession.
RBS is one of those being part-nationalised by the UK Government.BBC business reporter Nick Cosgrove said the bank is paying the price for lending far too much in the good times.
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