Job Losses in RBS Just Started
Thursday, April 9, 2009 10:55
Government ownership of the banks will never be easy.
However, the UK Financial Investments has a 70% stake and sacked 9000 people worldwide. Having barely escaped from the economic crisis, the UK government now faces the alarming prospect of a bank. It means that it is better for the government as the banks are managed at arm’s length.
For 4500 people in the UK, who will face the risk of dismissal of a further if all the decisions were being made by the Treasury when the living costs are soaring, it could never be happy news.
The real worry is that this is just the start of a funeral pyre of bank jobs.
After the bank recorded a loss of £7.9bn and writing off £16.2bn of goodwill, it is necessary though brutal it may seem.
It is clear that Stephen Hester, RBS’s chief executive, is determined to restore profitability at RBS as soon as possible.
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