RBS has the intention to move hundreds of jobs from U.K to India

RBS plans to slash more than 400 positions in Britain to establish a new small-loan team in India.

25 Jun 2017 – The Guardian

The taxpayer-controlled bank said that the roles would transfer to Mumbai, to be included in the group’s growing team there, as part of a restructuring designed to cut costs, first reported in the Mail on Sunday.

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.”

The latest wave of job cuts by RBS in the UK comes after at least 400 roles were moved to India last year, including 300 or so investment banking jobs.

In March this year the state-owned bank also said it was axing 158 branches, most of which were NatWest outlets, with the loss of up to 362 jobs.

Last year the bank shed more than 500 jobs as part of a plan to replace the staff giving investment tips with “robo-advisers”.

The bank has been trying to cut costs since a £45bn government bailout nearly 10 years ago at the height of the financial crisis.

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.”

Moving jobs which relate to small business loans is likely to prove particularly controversial following a scandal at the bank’s global restructuring group, known as GRG.

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