April 7 (Bloomberg) -- Royal Bank of Scotland Group Plc, the biggest bank controlled by the U.K. Treasury, may eliminate an additional 9,000 jobs worldwide as it seeks to repay a government bailout.
The cuts total about 5 percent of RBS’s global workforce. The actual number of jobs lost may be “significantly lower” because of efforts to shift employees into new positions, Edinburgh-based RBS said in a statement.
RBS may be forced to eliminate more positions as it seeks to pay off government aid and return the bank to shareholder control. The government today increased its stake in RBS to 70 percent after investors shunned a rights offering. The bank plans to reduce costs by 2.5 billion pounds ($3.7 billion), or 14 percent, over the next three years.
The cuts total about 5 percent of RBS’s global workforce. The actual number of jobs lost may be “significantly lower” because of efforts to shift employees into new positions, Edinburgh-based RBS said in a statement.
RBS may be forced to eliminate more positions as it seeks to pay off government aid and return the bank to shareholder control. The government today increased its stake in RBS to 70 percent after investors shunned a rights offering. The bank plans to reduce costs by 2.5 billion pounds ($3.7 billion), or 14 percent, over the next three years.
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