According to this Telegraph report, the Royal Bank of Scotland is vehemently denying rumors that a massive job cut of 15,000 workers is on the horizon….For some reason I don’t believe them.
Royal Bank of Scotland is preparing to cut more costs and chop more workers, but played down reports it will cut 15,000 staff in the next round of shrinking.
The troubled bank is expected to report losses of £2.3bn for 2016 when it publishes its financial results later this month, its ninth consecutive year in the red.
A spokesman said “we do not recognise” the 15,000 job cuts number which was reported in the Sunday Times.
The bank is expected to continue its strategy of slimming down, but the spokesman declined to put a figure on expected job cuts.
RBS has lost well over £50bn since the financial crisis struck and it was bailed out in 2008, and bosses are under pressure to take more costs out of the business.
It has already pulled back from many international operations and cut down its investment bank, slashing the number of employees from a peak of 226,400 in 2007 to just 82,500 late last year.
It cut around 10,000 staff in 2016 and cutting another 15,000 rapidly may prove difficult.