Royal Bank of Scotland announces 2,600 job cuts
Royal Bank of Scotland has today confirmed that a further 2,600 jobs will be lost in the UK with 2,000 from the company's Churchill and Direct Line Insurance division and 600 from the retail banking arm. This brings the total job losses since the company crashed to a staggering 22,600 and is a bitter blow for the UK financial industry.
Of the 22,600 job losses just over 16,000 have been lost in the UK with the balance coming from a trimming of the company's overseas operations. At a time when UK unemployment is forecast to creep above the 3 million level the announcement of a further 2,600 job losses is unwelcome. It would appear that the company may well have delayed the announcement of these job cuts until after the election so as not to muddy the waters either way.
The UK banking sector today is very different to the one of two years ago and will be very different again in two years time. The reduction in the size, influence and depth of the UK banking sector has been enormous and it will only be after the event we can look back to see the full consequences of the credit crunch.
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