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June 25, 2020

RBS to axe 90 jobs in US as part of major overhaul

Royal Bank of Scotland (RBS) has decided to cut a quarter of its full-time staff in the US, Reuters has reported citing sources familiar with the matter.

The layoffs are part of a major shakeup at RBS’ overseas investment banking operations in the country.

The lender is aiming to slash up to 90 positions at its head office in Connecticut, US.

The decision has been taken after consulting with several employee unions and representatives.

The move impacts economists, rates traders and credit traders, the report added.

In the US, RBS employs 400 people. The layoffs in the US are part of its broader plan to slash between 20-30% of non-UK NatWest Markets’ employees, said Reuters.

The bank did not disclose the number of redundancies it has considered.

A spokeswoman for NatWest Markets said: “In line with the multi-year process announced in February, we continue to progress our plan to refocus NatWest Markets on activities which directly support the bank’s core customers and on areas where we will have a more stable and consistent revenue stream.

“These are always difficult decisions, but we intend to make NWM a more sustainable business and will be supporting our colleagues through this process.”

The bank has reportedly already fired at least eight people in Singapore and expects redundancies in Hong Kong as well.

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