RBS axes 500 wealth management jobs

The job losses will be made over three years and come three weeks after the bank, which is 84% owned by the UK tax payer, announced it is cutting 2,600 jobs in its insurance and retail banking divisions. RBS said new investment in back office technology means it requires fewer staff - a stance opposed by the Unite union which said the introduction of new technology should not "go hand in hand with the shedding of jobs". The wealth management division employs some 3,500 staff in the UK. RBS was bailed out by the UK Government at the height of the financial crisis in 2007 after comin...