Royal Bank of Scotland cuts close to 1,600 jobs in last month

Royal Bank of Scotland has slashed almost 1,600 jobs in the past four weeks as part of a major drive to cut costs and restructure the bank.

The state-backed lender is cutting 448 UK roles in its investment banking arm as it shrinks the division. RBS is also planning to transfer millions of pounds of pension-related costs to employees, according to people familiar with the situation.

RBS is the parent company of Ulster Bank, although it is not affected by the changes. The cuts to its 64,100-strong UK workforce mainly affect back-office and middle-office positions within the investment bank, including support and technology services for frontline staff. RBS is setting up 300 similar roles in India. – Copyright The Financial Times Limited 2016