Royal Bank of Scotland has revealed plans to cut 2600 jobs, mostly across its insurance division but also including 600 at the Headquarters of its retail banking business in Edinburgh and London. Since RBS received government assistance in 2007 which left it being 84% owned by the State, 20 000 jobs have been lost worldwide. In response to the bail out, the European Commission is also forcing the RBS group to dispose of some of its assets, including branches in England in Wales and RBS Insurance, to prevent anti-competitive accusations being levelled at the firm.
Source: bbc.co.uk/10.05.10