Royal Bank of Scotland says cuts 500 jobs

28th September 2010, Comments 0 comments

Britain's state-rescued Royal Bank of Scotland has cut another 500 jobs, mostly at its investment banking division, it announced in a statement.

"In response to changing market conditions, we have made efficiencies across our business to ensure that we have the right people and resources in place to meet our client needs," the bank said in a brief statement issued late Monday.

"We will do all we can to support our staff, offer redeployment opportunities wherever possible, and keep compulsory redundancies to an absolute minimum."

RBS has now axed more than 27,000 jobs since October 2008 when it was slammed by the global financial crisis and subsequently rescued by the taxpayer. It currently employs a total of about 160,000 people worldwide.

© 2010 AFP

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