RBS to cut 9,000 jobs

07-04-2009

RBS to cut 9,000 jobs
The Royal Bank of Scotland (RBS) has today announced plans to cut 9,000 jobs.

The news comes as the government's stake in the bank increases to 70.3 per cent.

Only 0.7 per cent of shares put up for sale were bought up by private investors, leaving the Treasury to underwrite the rest and pick up the remaining 16 million plus new RBS ordinary shares on offer.

Of the 9,000 job cuts, half are expected to be in the UK as the lender plans to cut annual costs by £2.5 billion.

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