Royal Bank of Scotland Group PLC recently filed a notice with the Connecticut Department of Labor that it will slash 14 jobs in Stamford in March.
RBS, with its North American headquarters in Stamford employing about 2,400, will cut 14 jobs in its asset-backed products business. The layoffs are part of the 400 jobs that RBS could cut in the U.S. by the end of the year, according to a report by The Wall Street Journal.
Last May, RBS announced it would begin a series of hundreds of layoffs in its U.S. trading divisions as it prepares to withstand more rigorous oversight from the Federal Reserve, according to the WSJ.
RBS Stamford spokeswoman Sarah Lukashok told the Business Journal the layoffs in Connecticut are part of RBS’ continued efforts to “scale back and shut down its asset-backed products business.”
“These are part of some of the reductions we already announced, so it’s nothing new in a sense,” Lukashok said.
When asked whether RBS sees itself potentially moving out of Stamford, Lukashok said that is not part of the strategy.
“The strategy is the repositioning of the business itself,” Lukashok said. “So it’s really about the reduction and shutting down of that specific business. … It’s not a location issue.”
The layoffs will take effect March 16, according to the Department of Labor’s website.
