RBS to Layoff 2000, Restructure Insurance
LONDON (
) --
Royal Bank of Scotland Group
(RBS) - Get Report
is cutting 2,000 jobs in its insurance division as part of a restructuring.
RBS needs to sell its insurance business by the end of 2013 as part of its bailout agreement with the European Union. RBS will close 14 of the 27 Churchill and Direct Line insurance offices in the UK within the next three years. RBS' insurance division employs a total of 16,000 people.
A report by
The Wall Street Journal
says that the insurer
plans to shut down its Direct Line Insurance branches in Glasgow that employs 640 people. A call center in Cardiff
, according to
Wales Online
.
An office in Manchester, employing 60 staff
, according to
The Manchester Evening News
.
--
Written by Maria Woehr in New York
.
