Hundreds of professionals working for the Royal Bank of Scotland (RBS) are facing redundancy before the end of the year, it has emerged.
The financier has announced today (June 19th) it intends to cut another 618 roles across the UK during the rest of 2012, taking the total number of redundancies implemented by the group since its 2008 bailout to approximately 36,000.
RBS - which is 82 per cent-owned by the state - indicated this decision has been made due to forthcoming changes to banking legislation in Britain.
Under these reforms, lenders will be required to employ more highly-qualified professionals to sell their retail products, such as savings and investments options.
In a statement, RBS noted that while cutting jobs represents the "most difficult part" of its restructuring process, doing so is essential as it continues to "make efficiencies across our business to deliver greater value to our customers and shareholders".
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Posted by Trusha Vyas