RBS Axes Another 600 Bankers As Regulation Hurts Business

RBS Royal Bank of Scotland

Photo: Jeff J. Mitchell/Getty Images

The cuts at Royal Bank of Scotland keep coming. According to Reuters, RBS is laying off 618 employees from its financial planning unit — bringing the total cuts since the financial crisis began to approximately 36,000.RBS cited impending regulation as the reason for the cuts:

RBS, 82 per cent owned by the government, said the jobs would go as a result of new UK rules requiring retail financial products such as savings and investment vehicles to be sold by more highly qualified staff and charged a fee.

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