Royal Bank of Scotland (RBS) to shed 3,000 worldwide jobs

The troubled bank Royal Bank of Scotland (RBS) is preparing to get rid of 3,000 worldwide employees in a bid to stave off the battle with recession, which is affecting economies around the world.

In the UK alone RBS are set to shed up to 1,000 jobs, bringing the weekly job loss total to over 16,000 in Britain with BT having to axe 10,000 jobs, plus GlaxoSmithKline, Yell and Virgin Media all announcing job losses, it’s looking an even scarier prospect in 2009 for employment figures.

RBS currently employ around 170,000 staff across the globe, with 100,000 of the staff in the UK. It’s expected that the job losses will happen in its market and global banking divisions with a third of the job losses being in the Britain.

The high street bank network, NatWest of the Royal Bank of Scotland will be hit with job cuts which will happen within the next few weeks, awful news for the employees just before Christmas.

With the Banking giant not taking the government handout, could the job losses at RBS been prevented? We are sure this is a question the staff and economists will be asking.

Source: timesonline