New jobs coming: RBS to cut hundreds of jobs in UK, move them to India

The bank is in the middle of a restructuring aimed at returning it to profit after almost a decade

British lender Royal Bank of Scotland (RBS) is planning to cut 443 jobs dealing with business loans and many of them will move to India, the bank said.

The Edinburgh-based bank said the cuts were part of a restructuring aimed at becoming a smaller bank."We realise this will be difficult news for staff and we will do everything we can to support those affected," the bank said in a statement. "All roles which require customer contact will remain in the UK." RBS, which is more than 70 per cent state-owned, is in the midst of a major restructuring aimed at returning the bank to profit after almost a decade of straight years of losses.

The bank was rescued with a 46 billion-pound ($58.48 billion) state bailout during the 2007-09 financial crisis.