Royal Bank of Scotland to cut jobs, close branches
Dec 1, 2017
The Royal Bank of Scotland says it will eliminate hundreds of jobs and close 259 branches
LONDON — Taxpayer-owned Royal Bank of Scotland says it will eliminate hundreds of jobs and close 259 branches as more customers shift their banking online.
The state-owned lender is the third bank in Britain to announce job cuts this week, following Lloyds and the Yorkshire Building Society.
CEO Ross McEwan has insisted that the bank bailed out during the height of the 2008 financial crisis was moving on from its troubled past. The government last week said it was planning to re-privatize the lender by restarting share sales by the end of the 2018-19 financial year.
Britain will take a hefty loss on the stake, with trading at around 271 pence a share, far below the 502 pence-a-share price paid during bailout.
More News
Food aid charity under pressure from fuel costs
FareShare South West says fuel costs are putting immense pressure on work helping thousands in need.
How is the US economy really doing under President Trump?
Ahead of the midterms Trump has boasted about the performance of the US economy. BBC Verify looks at inflation, jobs and economic growth in the country.
Graphics: China's economy picks up steam in Q3
Graphics: China's economy picks up steam in Q3
Chancellor rejects calls to raise Capital Gains Tax in Budget
Influential Labour figures had been pushing for equalising CGT and income tax, but critics have said this could drive wealthy people out of Britain.
The VW Bus, Now Electrified, Keeps on Truckin’
A restored version of Volkswagen’s Flower Power-era Microbus, kitted out by Kindred Motorworks, is aiming for the affluent, while VW’s own E.V. is slow to get moving, much like its forebear.
'I'm fed up of swiping': Why singles now want to meet IRL
The BBC hears from people who think dating events are better value for money than dating apps.
‘A Ticking Time Bomb’: An Economic Crisis Looms in Indonesia
Once a model of economic stability, Indonesia now faces growing hardship at home as President Prabowo Subianto’s policies shake investor confidence.
Black Unemployment Hints at a Job Market in Worse Shape Than It Seems
The Black unemployment rate climbed a percentage point to 7 percent in September, almost double the rate for white workers.
Elon Musk Says He Will Give a SpaceX Share to ‘Every Kid in America’
Anthropic, an A.I. rival to SpaceX, earlier said it would form a “public benefit fund” and other tech moguls have contributed to savings accounts for children.
Christiane Amanpour Says She Is Leaving CNN After 43 Years
The chief international anchor, one of the most famous names in broadcast news, started as an assistant at the network in 1983.
Burnham vows end to 'rip-off parking charges' under new rules
Penalties are seen as too harsh on motorists who are penalised for parking on private land.
Ex-OpenAI worker accused of planting device had Saudi support, says court filing
The Saudi government did not immediately respond to BBC requests for comment.