More jobs to go at Britain's troubled Royal Bank of Scotland

Business Materials 7 April 2009 21:38 (UTC +04:00)

Britain's troubled Royal Bank of Scotland (RBS) Tuesday announced 9,000 job losses in addition to 2,700 staff cuts already planned for this year following its emergency bail-out by the government last October.

RBS, in which the state has a share of more than 70 per cent, said half of the new additional job cuts would be made in Britain over the next two years, affecting back office and technical staff.

As part of the conditions attached to the government bail-out, the Edinburgh-based bank aims to make savings of 2.5 billion pounds (3.6 billion dollars) over the next three years.

RBS, which reported a record 24.1-billion-pound loss for 2008, hopes to make a recovery in the next three to five years.

The bank has 40 million customers and 180,000 staff worldwide, reported dpa.