9,000 job cuts 'truly devastating'

Link to the article: Channel 4 Newss

Last Modified: 07 Apr 2009
By: John Sparks

Critics highlight the uncertainty confronting RBS staff facing job cuts compared with the huge pension being paid to the former chief executive Sir Fred Goodwin.

Described by a union as "truly devastating", Royal Bank of Scotland unveiled plans today to axe 9,000 jobs over the next two years.

Half those cuts will be in the UK, with back office functions like IT and property management to bear the brunt.

RBS, which is now 70 per cent owned by the government, said the job losses were needed as it tries to save £2.5bn.