Royal Bank of Scotland (RBS) has informed the Connecticut Department of Labor that it intends to lay off another Stamford 22 employees in June, bringing its total job losses at 600 Washington Blvd. to about 600 over the past two years.
The bank, headquartered in Edinburgh, has undertaken a series of restructuring measures over the past several years, beginning in 2008 when it was bailed out by the U.K. government. In February, CEO Ross McEwan announced plans to cut costs by £2 billion ($2.59 billion) over the next four years that he warned could lead to job losses and branch closings. At the same time, he announced he would be essentially paying himself a £1 million ($1.29 million) bonus.
Meanwhile, on April 28 the bank posted first-quarter net income of £259 million ($335 million) – its first quarterly profit since 2015 – compared with a £968 million ($1.25 billion) loss in the same period last year. Restructuring costs more than doubled to £577 million ($746 million).