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Tuesday, 10 February 2009

RBS to axe 2,000 jobs

LONDON - ROYAL Bank of Scotland, which is majority-owned by the British government, is about to announce plans to cut 2,000 jobs after forecasting a record annual loss for 2008, BBC television reported on Tuesday.

A company spokesman contacted by AFP refused to comment on the report.

Royal Bank of Scotland (RBS) was bailed out by the government earlier this year after running into trouble raising funds from shareholders because of the credit crunch and is now 68-per cent owned by the state.

The report of job cuts came as the bank's former chief executive, Mr Fred Goodwin, apologised on Tuesday to lawmakers for failing to foresee the financial turmoil that led to RBS being rescued.

The bank says it expects a 2008 annual loss of up to 28 billion pounds (S$61.8 billion) - a record in British corporate history - due to the crisis and a costly takeover of Dutch lender ABN Amro in 2007. -- AFP

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