UK IT staff spared as RBS slashes costs

The Royal Bank of Scotland is expected to cut thousands of jobs as part of a restructuringthat will see it scale back operations and reduce operational costs by £2.5bn.

But UK IT workers could be spared as the bank focuses on its retail operation in Britain.

RBS reported aloss for 2008 of £8.13bn before write-offs, which are significant. The government has agreed to inject up to £25.5bn into the troubled bank.

There is speculation that the bank could cut more than 20,000 staff as part of its restructuring. RBS will now focus on the UK retail banking market, so the country will avoid the majority of cuts.

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-Ken