RBS cost cutting drive claims another 1,400 jobs

Royal Bank of Scotland will cut a further 1,400 jobs in London and Edinburgh as part of its continuing drive to cut costs.

The axe will fall among the support staff of RBS’s retail head office, bringing down the headcount in the division from 3,600 to 2,200 over the next two years.

Including the cuts announced today, RBS has made 38,900 staff redundant since the financial crisis, when it received a £45.5 billion bailout to stave off its collapse. Its headcount stands at about 123,OOO.