Strategy
RBS International Cuts Jobs In Offshore Jurisdictions

Royal Bank of Scotland International, the offshore banking arm of Royal Bank of Scotland Group, has confirmed that it is cutting jobs across its offshore jurisdictions as part of a realignment of its management structure.
Royal Bank of Scotland International, the offshore banking
arm of Royal Bank of Scotland
Group, has confirmed that it is cutting jobs across its
offshore jurisdictions as part of a realignment of its management
structure.
RBS International said in a statement that there would be 55 job
losses in total, including 26 in Jersey, three in Guernsey, nine
in the Isle of Man and 15 in Gibraltar.
The roles most affected are those that support its customer
facing teams with matters such as business control,
communications and management information.
RBS International said that the savings were primarily a result
of realigning the management structure and bringing together
similar support teams.
The move follows the announcement by RBS last February that it
was launching a strategic review. RBS International made an
operating profit of £221 million ($372 million) in 2013, down
from £224 million in 2012.
The news comes after the announcement last month by Kleinwort
Benson that it is pulling its banking and wealth management
services out of the Isle of Man. It is understood that 12 staff
are affected by the decision. Kleinwort Benson’s head office is
in London and it also has offices in Jersey, Guernsey and South
Africa.
“As a result of the strategic review announced by RBS at the end
of February, we are working hard to make RBS a smaller, simpler
and fairer bank that focuses on the things that matter most to
our customers. The changes we are announcing today will ensure
that RBS International is set up to serve customers as
effectively and efficiently as possible. This is clearly
difficult news for those staff affected and we will do everything
we can to support them,” said a spokesperson for RBS
International.