Bailed-out Royal Bank of Scotland to cut 2,600 more jobs as it restructures

RBS cuts 2,600 more jobs

LONDON — The part-nationalized Royal Bank of Scotland says it is axing 2,600 more jobs, or 14 percent of its staff in its British insurance arm and retail banking headquarters.

RBS has been cutting staff since it was bailed out by the government during the financial crisis, leaving the bank 80 percent owned by taxpayers. Monday’s announcement brings the total number of jobs lost worldwide to 22,600.

RBS has accelerated its plans to restructure the business since the European Commission ordered it to sell 318 branches and the insurance business to soothe competition concerns after the state rescue.

The Unite union has condemned the latest round of cuts. The bank says it is trying to keep compulsory redundancies to an “absolute minimum.”