World Economy

RBS to Cut Jobs

RBS to Cut JobsRBS to Cut Jobs

Royal Bank of Scotland Plc plans to cut about 550 jobs as it scales back in-person advice to certain customers seeking investments and insurance, according to a person briefed on the moves, Bloomberg reported. Some clients will be directed to a new online investing platform to keep their business with the bank commercially viable, the person said, asking not to be identified discussing the thinking behind the push. The shift affects people with less than £250,000 ($360,000) to invest and will eliminate about 220 workers who helped provide such advice, the Financial Times wrote on Sunday, without saying where it got the information.