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Royal Bank of Scotland Group PLC To Lay Off 25% Of Staff As Search For Buyer Continues-The Economic Times
The Economic Times reported Royal Bank of Scotland Group PLC which is neither keen to run the Indian retail and small companies business nor able to find a buyer for it, will lay off a quarter of its workforce and shutter branches, said two people familiar with the plans. The British bank, bailed out with the UK taxpayers' money during the 2008 credit crisis, will retrench about 200 of its nearly 1,000 staff in the two businesses and close 22 branches to cut costs amid the search for a buyer, said the people who did not wish to be identified. A huge team from customer acquisition and sales division has been asked to go, said one of the people. In all, more than 200 people are being sacked. The bank is discussing severance package with these people. RBS, which sold its Asian assets to Australia and New Zealand Banking Corp to comply with the bailout norms, was caught in a regulatory web in India. RBS had to scrap a deal to sell its Indian unit to Hong Kong and Shanghai Banking Corp after the Reserve Bank of India could not agree to the terms. The impacted employees will be treated fairly and in line with RBS Group policies. The layoffs include nearly 60 people from the preferred banking division, 35 from frontline sales and some from Van Gogh Preferred Banking, once the cream of clients of the erstwhile ABN Amro.
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