RBS International Cuts Jobs In Offshore Jurisdictions

Stephen Little

5 August 2014

, 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.