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RBS to cut 3,000 jobs worldwide RBS to cut 3,000 jobs worldwide
(20 minutes later)
Royal Bank of Scotland (RBS) is to cut about 3,000 jobs in the next few weeks, the BBC has learned.Royal Bank of Scotland (RBS) is to cut about 3,000 jobs in the next few weeks, the BBC has learned.
The positions will go in its global banking and markets workforce, spanning more than 50 countries, but is likely to include City of London posts. The positions will go in its global banking and markets workforce, spanning more than 50 countries. Jobs are likely to go in the City of London.
It is understood the bank's High Street operations, and those of subsidiary NatWest will be unaffected.It is understood the bank's High Street operations, and those of subsidiary NatWest will be unaffected.
RBS, which predicts its first annual loss this year, hopes to raise £20bn as part of the government's bail-out plan.RBS, which predicts its first annual loss this year, hopes to raise £20bn as part of the government's bail-out plan.
It employs about 170,000 people, of which roughly100,000 are in the UK. Paying the price
The bank employs about 170,000 people, of which roughly100,000 are in the UK.
RBS declined to comment in detail on the job cuts. "We constantly review our operating model to make sure it is appropriate to the market condition, and take action accordingly."
"RBS is paying the price for lending far too much in the good times," says BBC business reporter Nick Cosgrove."RBS is paying the price for lending far too much in the good times," says BBC business reporter Nick Cosgrove.
We constantly review our operating model to make sure it is appropriate to the market condition RBS History: Royal Bank of Scotland
"It had too much exposure to the sub-prime market in the United States and it overpaid for the giant Dutch bank ABN Amro at the height of the boom.""It had too much exposure to the sub-prime market in the United States and it overpaid for the giant Dutch bank ABN Amro at the height of the boom."
Sub-prime loans are those to people with poor credit records. An RBS consortium paid 71bn euros ($91bn; £61bn) for ABN Amro in October 2007.Sub-prime loans are those to people with poor credit records. An RBS consortium paid 71bn euros ($91bn; £61bn) for ABN Amro in October 2007.
Unemployment figures Job cuts
The news of RBS's cuts comes within 24 hours of BT saying it will cut 10,000 posts by March next year.The news of RBS's cuts comes within 24 hours of BT saying it will cut 10,000 posts by March next year.
Recent days have also seen announcements of a total of more than 5,000 jobs axed by Virgin Media, Yell, GlaxoSmithKline and JCB. Recent days have also Virgin Media, Yell, GlaxoSmithKline and JCB announce a total of more than 5,000 job cuts.
Official figures earlier this week revealed UK unemployment in the three months to September at an 11-year high of 1.82 million. Official figures this week revealed UK unemployment in the three months to September was at an 11-year high of 1.82 million.
Meanwhile, Prime Minister Gordon Brown will join a meeting of 20 world leaders in Washington this weekend for a summit on the global economic downturn.Meanwhile, Prime Minister Gordon Brown will join a meeting of 20 world leaders in Washington this weekend for a summit on the global economic downturn.
Earlier this month, RBS announced expectation of a first full-year loss in its almost 300-year history. Losses mount
Earlier this month, RBS announced it expected to reveal its first full-year loss in its almost 300-year history.
The announcement followed a £691m loss in the first half of the financial year.The announcement followed a £691m loss in the first half of the financial year.
The bank also detailed plans to raise up to £15bn from investors by selling shares at 65.5p each. If the shares are not taken up, the government will acquire them.The bank also detailed plans to raise up to £15bn from investors by selling shares at 65.5p each. If the shares are not taken up, the government will acquire them.
The government will also directly buy preference shares in the bank - worth a total of £5bn.
The government will also directly buy preference shares in the bank - worth a total of £5bn.
Are you affected by these job cuts?Are you affected by these job cuts?
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