Axe swings at Coutts
Coutts & Co, the UK’s best-known private bank, is to shed 150 jobs from their UK operations as part of an efficiency drive by its parent Royal Bank of Scotland, majority owned by the UK government.
A spokesman for Coutts said: “A voluntary register has been open today, but we expect some of the redundancies to be compulsory.”
Coutts, best known for advising the UK Royal family, is also to ask at least some of its bankers to reapply for their jobs. It is expected the process will involve up to three interviews.
Coutts will also cut its graduate recruitment scheme.
The spokesman said the changes will take place over a few months, but will not affect the overall structure of the business. “The business will remain the same, with no changes to client segmentation efforts or our regional offices.”
The cuts only affect the UK business of Coutts and not its international unit, branded under RBS Coutts. The wealth manager employs around 2,300 people in the UK.
Sarah Deaves, chief executive, said: “The market downturn is now predicted to continue for a sustained period of time so it is important to reshape our business for the medium and long term. I deeply regret the announcement of any job losses and we hope that the majority of these will be through voluntary redundancy and natural attrition. Coutts performed well in 2008 and it is essential that we keep our business in good shape throughout and beyond the current economic situation.”
del.icio.us
Digg
Newsvine
reddit
StumbleUpon