RBS Confirm Job Losses Within Personal Loans Business

Fri, 27 Mar 2009

Royal Bank of Scotland has announced plans to axe around 100 jobs from its Rotherham-based personal loans business.

The move follows the recent decision by RBS to cut 2,300 UK jobs across its entire business.

The news of more job losses within the bank has been met with dismay by union officials who said they would not accept staff being sacrificed "to compensate for failures" by the company's senior members.

In a statement, the bank said: "RBS confirms it has begun consultation with staff in Rotherham and with Unite, the union, following the decision to withdraw its MINT, Lombard Direct and Direct Line brands from the unsecured personal loans market."

"This part of our business has seen a decline in demand and we have taken the decision to focus our efforts and our commitment to offering unsecured personal loans through our core brands of NatWest and RBS going forward."

It added that the bank has agreed with Unite to "keep compulsory redundancies to an absolute minimum" and to ensure affected staff are offered "redeployment opportunities within RBS", wherever possible.

Rob MacGregor, national officer for Unite, said: "It will come as a blow to the local community in Rotherham to learn that RBS is to make 100 job cuts. The staff are dependent on the bank for local employment ."

"While the union does not doubt that the global economic downturn continues to bring challenges to the financial services sector, Unite will not accept a situation where staff are sacrificing their jobs to compensate for failures at the top of the organisation."
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