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Royal Bank of Scotland to announce further job cuts

Sources close to the Royal Bank of Scotland are today making media companies aware of an impending further 500 job cuts at the stricken banking operation. Only two years ago Royal Bank of Scotland was seen by many as the largest bank in the world, with exposure everywhere from the Americas to the Far East, although how the situation has changed!

It is believed that the 500 job losses in question will be with the company's investment banking division and bring the total number of jobs shed since 2009 to an enormous 27,000. Royal Bank of Scotland chief executive Stephen Hester has confirmed that the bank is looking to reduce its cost base to less than 50% of income from 56.8% in the second quarter 2010.

While there is no doubt that Royal Bank of Scotland has been under pressure for some time and job losses were inevitable, to see one UK company shared 27,000 jobs is unheard of. The company has been criticised in many places for paying significant bonuses and remuneration packages although staff morale must be relatively low and surely some incentives need to be given to protect the company's future?

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