Brexit effect? RBS to cut over 400 UK jobs, plans to move them to India

This move will help handle loans for small businesses, as part of an ongoing cost-cutting drive

British lender Royal Bank of Scotland said today that it is cutting 443 UK jobs dealing with business loans, and plans to shift many of the roles to India.

The UK's largest government-owned bank said it was moving the jobs, which help handle loans for small businesses, as part of an ongoing cost-cutting drive.

"As we become a simpler, smaller bank, we are making some changes to the way we serve our customers. Unfortunately, these changes will result in the net reduction of 443 roles in the UK," a spokesperson for the bank said.

The bank said it would support staff affected by the "disappointing news", including by moving them into new roles where possible.

Workers' union Unite said British workers and taxpayers would lose out from the move.

"By shipping these jobs to India, RBS will be getting that work done more cheaply at the cost of jobs and livelihoods here in the UK," the spokesperson said.

RBS is 73 per cent owned by the UK government after a 45- billion-pound bailout in 2008.

Last month also, the bank had announced some job cuts and plans to move some of them to India.