As part of an effort to cut costs following its eighth successive annual loss in February, the Royal Bank of Scotland has announced its plans to eliminate an estimated 448 jobs, whilst at the same time creating 300 similar roles in India.

The proposed plans involve replacing investment advisers with “robo-advisers”. The bank said in a statement:

“The demand for face-to-face investment advice is changing. Our customers increasingly want to bank with us using digital technology. As a result, we are scaling back our face-to-face advisers and significantly investing in an online investing platform that enables us to help a new group of customers with as little as £500 to invest.”

After a seven month study, the Financial Conduct Authority concluded that this new technology could “play a major role in driving down costs”.

RBS have stated that they hope to make further savings of £800 million over the course of the next year.

 

15/03/2016