More fallout from RBS insurance closures as hundreds in Glasgow are made redundant

In light of the Royal Bank of Scotland’s recent announcement of its shuttering of several of its personal and business insurance offices, Glasgow’s city centre will feel the heat when the financial group eliminates hundreds of existing positions.

Following the recent announcement that the partly-nationalised bank has plans to close two of its Glasgow-based major officers, the estimated loss of jobs for the community is in excess of 400.

While the personal and commercial insurance firm has stressed that it should be able to offer approximately half that figure redeployment at its office on Cadogan Street, the bank’s St Vincent Street and Atlantic Quay offices are set to be shuttered.

John Swinney, Scottish finance secretary, recently categorised RBS’s decision as one that was terribly disappointing.

In response, a spokeswoman for RBS commented that the decision to sell their insurance arms was mandated by the EU, and with the new requirements in place prompted an acceleration of the firm’s cost cutting plans.

Unfortunately, the spokeswoman continued, part of that cost cutting process involves workforce reduction measures, and at this point in time there are no projected figures in regards to the total number of redundancies.

RBS also pointed out that protracted discussions had taken place with several Scottish governmental entities regarding the cost cutting actions, including Glasgow City Council’s Financial Services Jobs Taskforce and Economic Regeneration.

The spokeswoman concluded by stating that, after consulting with several staff members, the firm is confident that opportunities will be found for the majority of those affected by these actions, either through utilising RBS resources or by enlisting the aid of other Glasgow-based financial services providers.

Trade Union Unite’s national officer, Rob MacGregor, didn’t mince words when he said in a statement that staff for RBS are paying the price for the bank’s catastrophic failure with their employment, issuing a demand by the union for RBS to clearly and unequivocally state all the possible impacts on its EU-mandated restructuring.

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