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RBS axes jobs

PUBLISHED: 13:37 13 May 2010 | UPDATED: 09:54 12 August 2010

WORKERS at the insurance arm of part-nationalised bank Royal Bank of Scotland have been dealt a blow after it was announced 2,600 jobs are to be axed.

WORKERS at the insurance arm of part-nationalised bank Royal Bank of Scotland have been dealt a blow after it was announced 2,600 jobs are to be axed.

Staff refused to comment when approached by the Times on Tuesday at the headquarters in High Street, Bromley, where Churchill Insurance is based.

Some 2,000 jobs are to be shredded from the insurance arm and a further 600 from banking headquarters in London and Edinburgh.

A statement from the Royal Bank of Scotland (RBS) read: "We are working hard to rebuild RBS in order to repay taxpayers for their support and having to cut jobs is the most difficult part of this process.

"So far the job losses we've announced to date have resulted in fewer than one-in-four people being made compulsorily redundant."

The insurance line also includes Direct Line, Green Flag, Churchill and Privilege businesses and employs 16,000 people.

Some 20,000 jobs have already been slashed at the bank, which is 84 per cent taxpayer-owned.

It is expected that around 500 jobs will be exported, most likely to India.

Unite union representative Rob MacGregor said: "This is a devastating blow for a dedicated workforce which has worked very hard to turn around the fortunes of RBS.

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