Miles Costello, Lindsay McIntosh and Angus Macleod
Claim your free 2010 double sided wall chart
Employees at Royal Bank of Scotland headquarters spoke yesterday of a betrayal and voiced anguish at the “drip-drip” manner in which job cuts were being unveiled.
Staff leaving Gogarburn — a corporate village with its own shops and restaurants on the outskirts of Edinburgh — said that news of the losses had fuelled “deafening chatter” inside.
Callum Craig, 19, a client support worker, said that he was already looking for a new job within the banking group. “To be honest, we all thought Stephen Hester [the bank’s new chief executive] was pretty cool until today,” he said.
“People just wish we could get all the announcements out the way instead of the drip-drip effect. There’s no guarantee they’ll find 9,000 people who want to leave, and those of us who haven’t had any serious training spent on them through the business school will be first to go, I reckon. It’s annoying when you know it’s not your fault you might lose your work.”
Another worker, a telephonist for six years, said that although she might consider early retirement younger colleagues were disillusioned. “It’s really a feeling of betrayal more than anything,” she said. “I get on with my line manager very well and I feel sorry for her when people’s performance dips when there’s a big announcement. It’s been a really big distraction today. The chatter was deafening. Everybody was talking about whether they’ll take a cut package.”
At the RBS branch in St Andrew’s Square in Edinburgh, staff refused to talk to the media, with one insisting that they would be fired. However, a customer and former banker, who asked not to be named, said that the cuts were a positive move towards a more successful future for RBS.
Consultations have begun with staff representatives and the Unite banking union, which reacted furiously to the news. RBS employs more than 100,000 in Britain. Rob MacGregor, Unite’s national officer, said that it was appalled by the cuts. “These employees are totally blameless for the current position which RBS is in, yet they are paying for the mistakes at the top of the bank,” he said. Asked if it would support strike action, the union said that it accepted with regret that the bank had to cut costs.
Ron Hewitt, the chief executive of Edinburgh Chamber of Commerce, said: “It has been obvious that the cuts were coming for many months. Whilst we share with those who stand to lose their jobs a deep regret at the move, external observers will appreciate RBS really has no alternative. The important thing is that Edinburgh and Scotland’s rightful reputation for financial prudence is restored as soon as possible, and a shrinking of the sector is an inevitable part of that.”
The pay-off
— The backlash over Sir Fred Goodwin’s £16 million pension will mean a smaller retirement pot for thousands of Royal Bank of Scotland staff who are being made redundant
— Sir Philip Hampton, the chairman, has banned the top-up scheme that meant some employees known as “good leavers” were entitled to a pension reflecting more years of service than they actually worked
— RBS has three months to agree redundancy deals. Most staff are believed to be on a month’s notice. They will also be entitled to statutory minimium redundancy payments of £350 a week for every week they have worked at the bank
— Staff younger than 22 will get half a week’s money for each year served. Those over 41 will get a week and a half for every year they have worked at the bank
Industry sectors news at a glance. Interactive heatmap, video and podcast
Everything the Business Traveller needs to know to make a better trip
Get ready for the winter sports season, with our resort guides and snow reports
We are backing British business, what is the confidence of the nation and what businesses are succeeding?
Growing demand for energy, oil that is harder to reach and the rise of carbon dioxide emissions. We examine the energy challenge
With rail travel in Europe on the rise, we review the benefits of travelling by train
In this special section we explore new food trends to help improve your dinner party and impress guests
Enjoy further reading from Travel to Fashion, Business to Sport, discover more
1998
£47,955
2004
£56,950
Essex
Check your free Experian credit report before applying
Car Insurance
£100,000
Barnardos
UK
£123,460 pa
The Law Commission
London
Southwark County Council
Competitive + bonus + benefits
Manchester United
Central London
Moments from Battersea Park.
For sale with Winkworth
Find out about shared ownership.
See your free Experian credit report beforehand
Includes flights, accommodation with room upgrades, transfers city tours in Hong Kong and Bangkok.
PremierHolidays.co.uk
For your ultimate tailor-made ski holiday, click here
Get covered on your travels with a superb range of policies at great prices. Visit InsureandGo.com
Choose from the beautiful landscape and tranquil beaches of Oahu, Kauai, Maui & Big Island.
Contact our advertising team for advertising and sponsorship in Times Online, The Times and The Sunday Times, or place your advertisement.
Times Online Services: Dating | Jobs | Property Search | Used Cars | Holidays | Births, Marriages, Deaths | Subscriptions | E-paper
News International associated websites: Globrix Property Search | Milkround
Copyright 2009 Times Newspapers Ltd.
This service is provided on Times Newspapers' standard Terms and Conditions. Please read our Privacy Policy.To inquire about a licence to reproduce material from Times Online, The Times or The Sunday Times, click here.This website is published by a member of the News International Group. News International Limited, 1 Virginia St, London E98 1XY, is the holding company for the News International group and is registered in England No 81701. VAT number GB 243 8054 69.