Royal Bank of Scotland Plans To Reduce More Jobs: Media Reports

As per the latest media reports, Royal Bank of Scotland RBS is planning to reduce 500 more positions. RBS will be lowering jobs of back-office operations in its investment banking unit. RBS had already reduced 3,500 back-office jobs, a few weeks earlier. RBS' spokesperson has still not confirmed the number of job cuts, but said that cuts “are part of an ongoing efficiency program." Royal Bank of Scotland said in an emailed statement, "We continue to make efficiencies across our business to ensure that we have the right people and resources in place to meet our client needs. We will do all we can to support our staff, offer redeployment opportunities wherever possible and keep compulsory redundancies to an absolute minimum." RBS shares lost 2.15% to $15.05 in pre-market trading. Read more from Benzinga's Company news.