Royal Bank of Scotland (RBS) has informed the Connecticut Department of Labor that it intends to lay off another 15 of its Stamford employees in July, bringing its total job losses at 600 Washington Blvd. to more than 600 over the past two years. The company told the Labor Department that it expects to reduce the headcount still further this year.
The struggling 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. RBS was reported to be close to a deal with thousands of shareholders to settle a $910 million claim related to the bailout.
Meanwhile, on March 20, the British newspaper The Guardian reported that a number of banks had helped launder KGB-related funds out of Russia, with RBS reportedly handling $113.1 million.