Coutts steers clear of RBS job cuts
Coutts, the private bank owned by The Royal Bank of Scotland, will not be cutting jobs after its parent announced 3,000 job losses in its global banking workforce.
The private bank has recently hired private bankers to expand its presence in regions outside of London.
RBS, which acquired Coutts when it took over NatWest in 2000, confirmed this morning it would cut headcount in order to shore up its businesses against the crisis affecting the global banking industry.
It is understood the cuts will be made over the next few weeks within the global banking and markets division, which operates in over 50 countries worldwide.
Some cuts are expected in the UK given RBS, which has a headcount of 170,000, employs 100,000 staff in the UK.
RBS' wealth management business - which included Coutts, Natwest Private Bank and Drummonds - had £18.8bn under management at the end of June 2008, up 10% from a year earlier.
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