BUSINESS INFORMATION - Royal Bank Of Scotland Cut 3700 Jobs

BUSINESS INFORMATION - Royal Bank Of Scotland Cut 3700 Jobs
Royal Bank of Scotland (RBS) is saved by the British government in a wave of the global financial crisis, said Monday that it planned to cut about 3700 jobs in the retail operations in the UK.

"RBS has begun the process of consultation with staff in the UK about the restructuring of retail banking divis which will result in loss of about 3700 jobs," said state-owned banking group in a statement.


The announcement came after the British government on Tuesday set up a plan to split Royal Bank of Scotland and other creditors who are saved, Lloyd Banking Group.

RBS earlier on Monday said it would consider selling more assets than its original plan to win the support of the European Union for state aid received by the group, sending its shares plunge.

Companies in difficulty, the 70-percent owned by taxpayers after the bailout (the bailout) of last year, added that close to agreement on the terms of participation in government schemes to ensure that toxic assets or high risk.

Media reports on Sunday said that RBS may be forced to sell Direct Line and Churchill insurance division of the investment banking unit, to eliminate concerns of the European Commission (KE) of state aid.

Also during the weekend, British finance minister Alistair Darling outlines plans to create three new banks from the ditalangi RBS, Lloyds Banking Group and Northern Rock.

Darling said the three bank creditors are set to be broken and the parts that are sold in the next few years became the new entrants into the sector, which will concentrate on deposits and mortgages.

Details about the company set plans will be announced on Tuesday.