Royal Bank of Scotland on Monday said it was considering further asset sales "not initially contemplated", as part of the talks with the government aimed at breaking free from a state-backed asset insurance scheme. But the bankworkers union Unite condemned what it said were plans to cut up to 3,700 jobs across the bank's branches. "For RBS to announce the cut of 3,700 frontline bank staff from their high street branches across the UK is absolute madness," said Rob MacGregor, Unite national officer.
But the bankworkers union Unite condemned what it said were plans to cut up to 3,700 jobs across the bank's branches.
"For RBS to announce the cut of 3,700 frontline bank staff from their high street branches across the UK is absolute madness," said Rob MacGregor, Unite national officer.
Just over a year ago we thought that the £37bn injection of equity by the government into Lloyds and RBS was the landmark, never-to-be-repeated event. Bailout 1.0 literally saved the banking system from collapse, and was copied around the world. Then, in January, came Bailout 2.0, which we were told would be a bailout not of the banks, but of the economy. That bailout was to enable the banks to continue lending to prospective homeowners and to businesses. And now we have Bailout 3.0.* Incredibly, the extent of actual taxpayer funding into these two banking giants will be larger than the first bailout, which rescued them from collapse. £40bn more. This will be spent on banking shares that have fallen in price since the last tranche was bought. RBS, two years ago the sixth biggest bank in the world on some measures, will now be 84 per cent owned by the state.
Just over a year ago we thought that the £37bn injection of equity by the government into Lloyds and RBS was the landmark, never-to-be-repeated event. Bailout 1.0 literally saved the banking system from collapse, and was copied around the world.
Then, in January, came Bailout 2.0, which we were told would be a bailout not of the banks, but of the economy. That bailout was to enable the banks to continue lending to prospective homeowners and to businesses.
And now we have Bailout 3.0.* Incredibly, the extent of actual taxpayer funding into these two banking giants will be larger than the first bailout, which rescued them from collapse. £40bn more. This will be spent on banking shares that have fallen in price since the last tranche was bought. RBS, two years ago the sixth biggest bank in the world on some measures, will now be 84 per cent owned by the state.
