Finance

RBS CFO: ‘It’s inevitable that there will be further job cuts’

RBS CFO Ewen Stevenson.
Royal Bank of Scotland

LONDON — Royal Bank of Scotland’s chief financial officer has said it is “inevitable” that there will be more job cuts at the government-owned lender.

Ewen Stevenson told Bloomberg TV: “It’s inevitable that there will be further job cuts, but we are not going to talk publicly about figures.”

Stevenson said job losses were coming as part of the bank’s digital transformation plan, announced last week. RBS announced a £2.5 billion restructuring plan last week that Stevenson told Bloomberg would create “a better bank in 2020, a better bank equipped for digitization.”

RBS’s staff numbers fell 8.5% last year to 71,200 and many banks are cutting headcount as customers move online, leaving branch networks overstaffed.

Antony Jenkins, the former CEO of Barclays, predicted in late 2015 that Uber-style disruptions could shrink headcount in banking by as much as 50%, while profitability in some areas could collapse by over 60%.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

To Top