RBS cuts up to 2,300 jobs
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Beleaguered Royal Bank of Scotland is cutting up to 2,300 UK jobs as banking bosses say sorry.
It comes after the company's former chairman and chief executive joined other banking figures in apologising for the 'turn of events' that led to their banks being bailed out by the Treasury.
RBS is now 68 per cent-owned by the Government after it went cap in hand for a £20 billion bail-out last year.
RBS said the cuts would not affect customer-facing branch staff and pledged to make every effort to keep compulsory redundancies to a minimum.
Alan Dickinson, chief executive of RBS UK, said: 'We recognise that any news of this nature is unwelcome at any time.
'It is essential, however, that we consistently review our business to ensure that we are able to operate as efficiently as possible, especially in the current economic circumstances.'
He added: 'We will be consulting with our recognised trade union, Unite, and our employees throughout. We fully agree with Unite that we must keep compulsory redundancies to a minimum and we will.
'Everyone at RBS is focused on delivering for our customers and restoring the health of the overall organisation. Staff have given everything they have over the last year, which makes the decision to cut any job an extremely tough one.
Appearing before the Treasury Select Committee, Lord Stevenson, former chairman of HBOS, told MPs that he and former chief executive Andy Hornby were 'profoundly sorry'.
Sir Tom McKillop, former chairman of RBS, said he would 'echo' the comments and said he made a full apology in November.
Sir Fred Goodwin, previously chief executive of RBS, added: 'I apologised in full and I'm happy to do so again.'
Lord Stevenson said: 'We are profoundly and, I think I would say, unreservedly sorry at the turn of events.
'All of us have lost a great deal of money, including of course a great number of our colleagues, and we are very sorry for that.'
He added: 'There has been huge anxiety and uncertainty caused for particular of our colleagues but also, for periods of time, for our customers.
'And I would also say we are sorry at the effect it has had on the communities we serve.'
Sir Tom added: 'I would echo Dennis Stevenson's comments. In November last year I made a full apology, unreserved apology, both personally and on behalf of the board, and I'm very happy to repeat that this morning.
'We were particularly concerned at the serious impact on shareholders, staff, and indeed the anxiety it caused to customers, so I would very much echo Dennis Stevenson's comments.'
Sir Fred said there was a 'profound and unqualified apology for all of the distress that has been caused'.
Sir Fred denied RBS had ignored warnings from the Bank of England and the Financial Services Authority, insisting that nobody had anticipated the scale of the crisis.
'I've gone over this time and time and time and time again in my mind as to what was the point at which we should have seen this differently,' he said.
