RBS to announce 2,000 job cuts as Hester exits

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Royal Bank of Scotland is set to announce 2,000 job cuts after chief executive Stephen Hester announced he will be leaving the taxpayer-owned bank later this year, according to reports.

According to the BBC, the cuts are expected to be spread worldwide as the size of the investment division is reduced, with some job losses in the UK.

In May this year, chairman Sir Philip Hampton told investors at the RBS annual shareholder meeting of “further impacts on employees” as the bank attempts to boost its financial performance.

He said: “We’ve got to have our branches where our customers are, not always where we have had them for decades. We have work to do over the coming years to get our business in the right shape to deliver these ambitions, and that could mean further impacts on employees.”

RBS has already axed around 37,000 jobs since it was bailed out by UK taxpayers in 2008.

The news follows a statement issued by RBS yesterday afternoon confirming Hester, who has been chief executive at the bank since November 2008, will step down from the role in December.