The move will see RBS cut 443 jobs as it pushes to streamline its operations and bring it in the black.
Edinburgh-based Royal Bank of Scotland disclosed that as part of a strategic restructuring of its operations, it plans on cutting 443 jobs related with its business loans and relocate them to growing economies such as India.
With this move the bank is aiming at becoming a smaller, more people friendly bank.
“We realize this will be difficult news for staff and we will do everything we can to support those affected,” said the bank in a statement. “All roles which require customer contact will remain in the UK.”
The Royal Bank of Scotland, whose majority shareholder is the Scottish government, is in the midst of a major restructuring effort aimed at returning the bank to profit after almost a decade of year-on-year losses.
The bank took a major hit during the 2007-2009 financial crisis and was rescued by a $58.48 billion (46 billion pound) bailout by the state.