{"id":3198,"date":"2015-03-05T11:33:07","date_gmt":"2015-03-05T11:33:07","guid":{"rendered":"http:\/\/unitelive.org\/?p=3198"},"modified":"2015-03-05T11:33:07","modified_gmt":"2015-03-05T11:33:07","slug":"major-job-losses-horizon","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=3198","title":{"rendered":"Major job losses on the horizon"},"content":{"rendered":"
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As UNITElive reported last week<\/a>, the taxpayer-owned bank RBS announced that a major restructuring program was on the horizon but failed to give any details.<\/p>\n

 
\nBut two unnamed sources familiar with the matter revealed to the Financial Times<\/a> March 3 that up to four out of five jobs in the bank\u00e2\u20ac\u2122s investment division might be decimated, amounting to a total of 14,000 job losses.<\/p>\n

 
\nWhile RBS refused to comment, the sources also noted that back-office systems would be overhauled to automate them.
\nThe looming job cuts come as the bank has posted seven straight years of profit losses \u00e2\u20ac\u201c \u00c2\u01413.5bn in this year alone, taking total losses to \u00c2\u014150bn since 2008, when the bank received a taxpayer-funded bailout to the tune of billions.<\/p>\n

 
\nOne-off items that were part of this year\u00e2\u20ac\u2122s losses included \u00c2\u01412.2bn in conduct and litigation charges, with \u00c2\u0141320m relating to foreign exchange markets rigging and an additional \u00c2\u0141400m covering compensation for the payment protection insurance scandal.<\/p>\n

 
\nBut it looks as though it is only workers who will be facing the consequences of the disgraceful behaviour of those at the top \u00e2\u20ac\u201c banker bonuses at RBS are as healthy as ever, with \u00c2\u0141421m in bonus payments made this year.<\/p>\n

 
\nRBS boss Rob McEwan<\/a> told BBC Radio 4 last week that he cannot guarantee that similar scandals won\u00e2\u20ac\u2122t happen again, while also defending this year\u00e2\u20ac\u2122s bonus payments, saying the figure was lower than years before.<\/p>\n

 
\nThe news confirms Unite\u00e2\u20ac\u2122s fears that the restructuring programme will entail significant job losses.<\/p>\n

 
\nCommenting when the bank initially announced the programme, Unite national officer for RBS Rob MacGregor expressed deep concern about how the restructuring will \u00e2\u20ac\u015bunfairly impact low paid and administration staff within the investment banking division.<\/p>\n

 
\n\u00e2\u20ac\u015bThe announcement won\u00e2\u20ac\u2122t leave the wealthy traders devastated and worried about how they pay their mortgages,\u00e2\u20ac\u0165 he said. \u00e2\u20ac\u015bIt will be the worker in the back office earning \u00c2\u014120,000 per year who now faces uncertainty about what the future holds.\u00e2\u20ac\u0165<\/p>\n

 
\nStay tuned on UNITElive for the latest on RBS job losses as more details are revealed.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

As UNITElive reported last week, the taxpayer-owned bank RBS announced that a major restructuring program was on the horizon but failed to give any details.   But two unnamed sources familiar with the matter revealed to the Financial Times March 3 that up to four out of five jobs in the bank\u00e2\u20ac\u2122s investment division might […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[32],"wps_subtitle":"RBS\u00e2\u20ac\u2122 massive \u00e2\u20ac\u015brestructuring programme\u00e2\u20ac\u0165 revealed","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/3198"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3198"}],"version-history":[{"count":1,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/3198\/revisions"}],"predecessor-version":[{"id":3199,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/3198\/revisions\/3199"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}