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Royal Bank of Scotland says it will cut 3,700 jobs in its British branch network

From The Associated Press, November 2, 2009 - 12:42 a.m.

Royal Bank of Scotland says it will cut 3,700 jobs in its British branch network

By The Associated Press

Article Tools

LONDON - Royal Bank of Scotland PLC is to cut 3,700 jobs in its British branch network.

The bank's announcement on Monday is part of its plans to restructure and modernize the division. RBS says the cuts will be made over the next two years, with the first wave starting after May 2010.

RBS is 70 per cent owned by the British government after taking part in a massive state bailout of the banking sector.

The bank is expected to announce further changes on Tuesday after disclosing that EU regulators have demanded it sell significant parts of its business.