Mortgage News
RBS set to cut 2,000 jobs
The Royal Bank of Scotland (RBS) is set to announce 2,000 job cuts on Thursday, after it emerged chief executive Stephen Hester is to step down, according to reports.
Some UK jobs are likely to be affected though cuts will be spread worldwide and affect its investment division, according to the BBC.
It emerged on Wednesday that RBS CEO Stephen Hester is to step down from the bank later this year as it “begins to prepare for privatisation”.
The chief executive, who took over at the part-nationalised bank five years ago, said the privatisation process should be led by a CEO “at the start of their journey”.
Hester (pictured) will step down in December 2013, having joined the board at the height of the financial crisis in October 2008 and becoming group chief executive the following month.
He is set to receive 12 months’ pay and benefits worth £1.6m and the potential for £4m in shares.
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