When vagueness threatens jobs

As the taxpayer-backed Royal Bank of Scotland announced today (February 26) that it would embark on yet another “substantial restructuring” programme, Unite is seeking an urgent meeting with the bank requesting clarification.

 
Unite fears that such a vague statement from RBS, which has already cut tens of thousands of jobs since the financial crisis, is coded language for even more job cuts.

 
Unite national officer Rob MacGregor expressed deep concern over what the restructuring will entail for low paid and administration staff within the investment banking division.

 
“Today’s announcement won’t leave the wealthy traders devastated and worried about how they pay their mortgages,” he said.

“It will be the worker in the back office earning £20,000 per year who now faces uncertainty about what the future holds.

 
“Already over 30,000 jobs have been cut from across RBS since the bailout in 2008. We now want a proper consultation period with Unite involving serious negotiations about how the business will be restructured,” he added.

 
RBS’ announcement today comes as the bank reported its seventh consecutive year of losses. Despite a reported £3.5bn total loss last year, the bank still paid out £421m in bonuses for 2014.

 
RBS benefited from a £45bn taxpayer-funded bailout after the 2008 financial crisis, when it lost £24bn – the biggest ever loss in UK corporate history.