As promised, the Royal Bank of Scotland (RBS) is continuing to lay off workers at its Stamford headquarters. With its notification to the Labor Department that it will eliminate another 14 positions at 600 Washington Blvd. on March 27, RBS will have laid off some 650 employees over the past two years.
RBS told the Labor Department that it expects to make more job cuts this year.
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.
CEO Ross McEwan and Chairman Howard Davies have been testifying this week in front of London’s Treasury Select Committee about their handling of about 12,000 struggling small businesses between 2007 and 2012. Some of those companies have accused RBS of pushing them into bankruptcy in order to acquire their assets at a lower price.
Moody’s said on Jan. 30 that it has placed the bank on review for a ratings downgrade.