RBS to cut jobs in its wealth management division
Royal Bank of Scotland has announced plans to cut 500 of the 3,500 jobs in its wealth management arm, which has two outposts in Manchester.
Coutts & Co, the private bank, and Adam & Co, a wealth management business, both have offices in the city.
RBS did not say exactly where the jobs axe would fall but said some of the reductions would result from introducing a new IT system.
It said the improved technology would decrease the need for back office workers, suggesting that the cuts might fall less heavily on customer facing staff such as those in Manchester.
The job cuts will be implemented over three years and will mostly be at Coutts, which employs 3,100.
The bank said in a statement: “We are working hard to rebuild RBS in order to repay taxpayers for their support and having to cut jobs is the most difficult part of this process.”
Since being bailed out by the government at the start of the financial crisis, RBS has cut more than 23,000 jobs of which 17,000 were UK-based.
