Royal Bank Job Losses - bad for South Edinburgh

12.21.03pm BST (GMT +0100) Wed 8th Apr 2009

Many of the 4,500 UK based employees of Royal Bank of Scotland set to loose their jobs following the announcement today live in Edinburgh South.

"This is very bad news for our community" said Lib Dem Westminster Spokesperson Fred Mackintosh "Lax regulation and reckless management have all but destroyed both of Edinburgh's historic banks. How many decades will it take to rebuild our financial services sector now?"

Most the losses are reported to be in RBS's back office operations. These include document processing, information technology, procurement and bank property. The bank employs 27,000 people in the UK in this part of its business with the main hub in Edinburgh.

Vince Cable, the Liberal Democrat Shadow Chancellor, commented: "As he enjoys his multimillion-pound pension, Sir Fred Goodwin should spare a thought for the thousands of people he has now put out of work."

Related Link:

How to survive the storm and prevent its return - writes Vince Cable.