RBS to cut over 400 UK jobs as moves SME loans division to India


Royal Bank of Scotland is to switch 443 jobs from Britain to India in a relocation of its team arranging loans for small businesses.

The bank is moving the roles to Mumbai as part of a further cost-cutting exercise. The decision comes a year after a similar number of RBS roles were transferred to India.

Jobs have been axed as the bank has closed branches and move investment banking operations.

An RBS spokesperson said: “As we become a simpler, smaller, bank, we are making some changes to the way we serve our customers.

“Unfortunately, these changes will result in the net reduction of 443 roles in the UK. We realise this will be difficult news for staff and we will do everything we can to support those affected, including redeployment into new roles where possible. All roles which require customer contact will remain in the UK.”

Rob MacGregor, national officer for finance at Unite, said: “There has been a drip, drip, drip, cumulative effect so that we estimate that 12,500 people now work for RBS in India.

“That’s interesting for an organisation that owes its existence to the British taxpayer. We feel RBS has a moral responsibility to try wherever possible to keep work here in the UK. There is no customer business in India; it is just where they can get the jobs they want doing done cheaper.”