RBS to cut at least 100 jobs in HK

Royal Bank of Scotland Group (RBS), one of the largest banking and insurance holding companies in the UK, is planning to slash at least 100 jobs in its Hong Kong unit, in a bid to reduce costs amid the worsening operating environment, the South China Morning Post reported Tuesday, citing unnamed sources as saying.

According to the sources, most layoffs will be from its investment banking unit of ABN Amro, which was acquired earlier this year.

An RBS spokeswoman said staff has been told that layoffs would unfortunately be unavoidable under the current situation, adding the bank will talk with employees and their representative bodies before any specific announcements are made.

The banking giant had set a guideline to axe jobs by 10% to 20% worldwide, a person familiar with the bank said, without elaborating.

Source : ChinaKnowledge
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]