Royal Bank of Scotland (RBS) is cutting 448 investment banking jobs in the UK to cut costs.
The Financial Times reports that the bank is cutting back office and middle office positions, including support and technology, as it tries to shrink the division. 300 support roles will be created in India, where it’s cheaper to employ staff.
The FT quotes an RBS spokesman as saying:
As part of RBS’s drive to be a stronger, simpler and fairer bank, we have been restructuring our Corporate & Institutional Bank, as well as reducing its size, to focus on our core customers and products.
As this process continues our frontline staff need a simpler, clearer, more efficient relationship with our middle and back office functions to better serve customers, so we’re reshaping our services business accordingly.
Some roles will reportedly be redeployed.
The restructure comes just a day after it came out that RBS is axing 550 investment advisors, replacing much of their service with online forms.
RBS has lost a cumulative £50 billion since the financial crisis, recently announcing a £2 billion loss for 2015. The bank required a £42 billion bailout during the financial crisis and is still majority taxpayer owned.
Business Insider has contacted RBS for comment and will update when we hear back.