LONDON (Reuters) - Royal Bank of Scotland plans to eliminate almost 500 UK-based jobs in its investment bank in an effort to cut costs, a source familiar with the matter said on Tuesday.
The bailed-out lender will cut about 448 back- and middle-office positions that support trading functions and provide technology services, the source said.
At the same time, the bank will be creating about 300 similar roles in India, the person said.
“As part of RBS’s drive to be a stronger, simpler and fairer bank we have been restructuring our Corporate & Institutional Bank, as well as reducing its size, to focus on our core customers and products,” the bank said in a statement.
Chief Executive Officer Ross McEwan has been cutting thousands of jobs to reduce expenses in a bid to boost earnings after eight straight annual losses.
The latest cuts come days after the bank announced plans to eliminate 550 UK-based adviser roles to customers as the lender scales back ‘in-person’ advice on investment products.
At the end of December the group had a total UK workforce of 64,100 permanent employees, according to its annual report.
In the bank’s results statement last month the lender said it was aiming to make further savings of 800 million pounds this year.
Reporting By Andrew MacAskill; Editing by Sinead Cruise and Greg Mahlich