Business

RBS axes 448 investment division roles

Someone walking past a RBS cash machine Image copyright Getty Images

Royal Bank of Scotland (RBS) is to axe 448 jobs within its investment banking arm as part of a drive to cut costs and make the bank smaller.

On Tuesday, it announced 220 job losses among its UK financial advisers.

It comes a month after RBS announced pre-tax losses of £1.98bn in 2015 - the eighth year in a row that the bank has made a loss.

Three hundred roles will be relocated to the bank's operations in India, the BBC understands.

In a statement, the bank said: "As part of RBS's drive to be a stronger, simpler and fairer bank, we have been restructuring our Corporate & Institutional Bank, as well as reducing its size, to focus on our core customers and products.

"As this process continues, our frontline staff need a simpler, clearer, more efficient relationship with our middle and back office functions to better serve customers, so we're reshaping our services business accordingly.

"Unfortunately the changes will result in some job losses. We realise how difficult this news is for our staff and we are working to support those affected. We will redeploy staff into new roles wherever possible."

On Tuesday, RBS said it was cutting the jobs of 220 face-to-face financial advisers in the UK, as it switches customers to an automated online service.

It said personalised advice would now only be offered to customers with more than £250,000 to invest.

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