Layoffs Continue at Royal Bank of Scotland’s American Headquarters

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The Royal Bank of Scotland Group PLC (RBS) continues to eliminate jobs at its U.S. headquarters in Stamford, Connecticut. The company reported its intention to eliminate 23 jobs to the Connecticut State Labor Department. The pink slips are being handed out to employees in finance, operations, and IT.

This is just the latest downsizing effort at the company’s Americas headquarters in Stamford. Since 2015, RBS has eliminated over 600 jobs. RBS officials have not commented on the layoffs, nor has the company commented on the current number of employees in Stamford remaining. However, despite the layoffs, RBS still expects to maintain the offices.

This is the sixth WARN notice that RBS has filed with the State Labor Department in 2017. In May, RBS announced plans to lay off 15 employees in July. In April, the bank filed notices that affected 22 employees. So far, RBS has eliminated 100 American jobs in 2017.

According to a letter to the Labor Department, this won’t be the last round of cuts. “We anticipate additional terminations throughout 2017,” said Ronnie Greenberg, head of RBS’ Americas Human Resources.

The U.S. is not the only country being hit with layoffs and outsourcing. In June, RBS said it is planning to gut 443 jobs in the U.K., many of which will be moved to India. In May, RBS eliminated 92 tech jobs from its operations in the U.K. and outsourced them to India. In total, the bank will have slashed a total of 334 jobs.

An RBS spokesperson at the time said that RBS was moving to become “a simpler, smaller UK-focused bank,” and was going to continue to restructure and reduce its size “so it’s a better fit for our business.”

RBS is one of the United Kingdom’s four biggest banks. Headquartered in Edinburgh, RBS has faced numerous obstacles over the last number of years. It was hit with $5.5 billion in legal and conduct charges and reported losses of $8.7 billion in 2016.

In the first quarter of 2017, RBS reported a profit of $337.0 million, its first profit since the third quarter of 2015.

Fellow European banking company UBS Group AG has also downsized its operations in Stamford. Over the course of 2016, the company moved its staff from an approximately 700,000-square-foot complex across the street to offices leased within RBS’ building. At this time, 900 UBS employees remain at its Stamford offices.

Sources:

Listing of WARN Notices 2017,” Connecticut Department of Labor, July 19, 2017.

Layoffs continue at RBS’ Stamford offices,” Stamford Advocate, July 18, 2017.

RBS cuts hundreds of technology jobs,” BBC, May 9, 2017.

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