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Royal Bank of Scotland Group PLC To Trim 1,800 Jobs-The Economic Times
The Economic Times reported that Taxpayer-owned Royal Bank of Scotland Group PLC says it will be trimming as many as 1,800 jobs at Ulster Bank division by 2016. The plans, outlined to investors on July 2, 2013, also include closing dozens of branches, mainly in rural areas. RBS has announced thousands of cuts from the bank since it was rescued by the British government in 2008 during the financial crisis. There's been an ongoing effort to restructure RBS, which is more than 80%owned by the British taxpayer after receiving a 45 billion-pound ($71 billion) bailout. The injection of capital has weighed down the British economy, and political leaders have been anxious to return the bank to the private sector so taxpayers can be repaid.
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