RBS to replace 220 advisers with robo-advice

The bank told the FT it will cut 550 jobs in a move to reduce costs, as more customers turn to digital robe-advisers. Of these, 220 positions will be cut from its pool of investment advisers, while 200 protection advisers will also lose their jobs. The bank said it is scaling back its service to only those customers with at least £250,000 to invest - more than double the current £100,000 threshold. The move comes after RBS, which is 73% owned by government, posted its eighth successive net annual loss, dealing a blow to government plans to sell off the bank, the FT wrote. The lo...