RBS to make 2,000 job cuts

Also, Stephen Hester, Chief Executive of the firm, is to leave The Royal Bank of Scotland

By Nicole Hamer |

11:39 13 June 2013

The Royal Bank of Scotland (RBS) could be cutting 2,000 jobs it has emerged on Thursday, 13th June, 2013. The news comes as Chief Executive Stephen Hester steps down at RBS.

The job losses would be global and it is expected that this would come into effect within 18months, as reported by the BBC.

It is understood that some jobs in the UK would be affected.

And yesterday, 12th June, it was decided that Mr. Hester will stand down as Chief.

RBS said in a statement that an “orderly succession” could lead to a new Chief to monitor business when it comes to re-privatisation, as well as watch over the firm going forwards.

In regards to the role Mr. Hester has carried out at the firm, Ian Gordon, an analyst of Investec, is reported by The Independent as saying: “Hester and van Saun have done an admirable job in terms of the ‘repair’ and restructuring of RBS.”

Mr. Gordon refers to van Saun in regards to Bruce van Saun’s recent shift.

It is believed that following the news on the Chief Exec’s departure, shares at RBS dropped. This was by 6per cent.

The Royal Bank of Scotland is largely owned by the tax payer. It has made a number of job cuts since 2008.