Royal Bank of Scotland (RBS) is planning to slash about 550 jobs as it scales back face-to-face investment advice to certain customers with £250,000 or more of assets.
The job cuts will include 220 in the investment advice division as well as a further 200 in its protection advice team.
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This move is targeted at reducing the bank’s costs as more customers are turning to digital robo-advisers and comes after RBS posts its eighth successive net annual loss.
Additionally, RBS is planning to launch a new online investing platform that helps a new group of customers with as little as £500 to invest.
"We want to help as many customers as possible invest their money in the right way for them," said a RBS spokesperson.
"The demand for face-to-face investment advice is changing. Our customers increasingly want to bank with us using digital technology."
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By GlobalDataRBS said that the due to the gradual decline in the number of protection advisers, this service will now be available over the telephone.
