LONDON - Part-nationalized Royal Bank of Scotland is cutting another 3,500 jobs as part of its plan to halve the bank's administration centres across Britain.
RBS said Thursday that cuts will begin next year and run through to the end of 2012 — affecting positions across back office and IT functions in its business services arm.
The new cuts add to the 9,000 job losses announced by RBS in the division last year.
RBS became the biggest British casualty of the credit crisis. It was bailed out by the government at the height of the crisis and is now 83 per cent owned by taxpayers.
