Citizens' Parent Royal Bank of Scotland Group May Cut 9,000 More Jobs
reports, and wire, Tribune-Review/Pittsburgh Tribune-Review
Royal Bank of Scotland Group Plc, the parent of Citizens Financial Group in the United States, said Tuesday it plans to eliminate as many as 9,000 more jobs worldwide as it seeks to repay a government bailout.
The reduction will include 1,250 jobs in its U.S. markets, which includes Citizens Bank in Pittsburgh. Citizens has operations in 12 states, including Pennsylvania and Ohio.
During the next two years, Citizens plans to reduce back-office operations, such as check processing, facilities management, information technology and communications, spokesman Michael Jones said. None of the positions being cut involves direct contact with bank customers.
The cuts, which total about 5 percent of RBS's global work force, include 4,500 jobs in Britain. The number of positions lost may be "significantly lower" due to efforts to shift employees into new positions, RBS said in a statement.
RBS may be forced to eliminate more jobs as it seeks to cut costs by $3.7 billion, or 14 percent, over three years and return the bank to investor control. Job loses of 20,000 are "not irresponsible speculation," Chief Executive Officer Stephen Hester said in February. …