InfoAnda - Ailing lender RBS to cut up to 9,000 jobs

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

RPT-GLOBAL MARKETS-Asian shares rally; focus on central banks | 4 December 2008
Aerosmith's Steven Tyler falls from stage in SD | 6 August 2009
Stampede unrelated to World Cup organisation: FIFA | 7 June 2010

G20 plots post-crisis path; Greece dampens hopes | | 23 April 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : Ailing lender RBS to cut up to 9,000 jobs

Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Ailing lender RBS to cut up to 9,000 jobs AFP - 2 hours 46 minutes ago LONDON (AFP) - - Royal Bank of Scotland said Tuesday it would cut 9,000 jobs over the next two years, half of them in Britain, on the same day the government lifted its stake in the troubled lender. ADVERTISEMENT The bank said in a statement it expected to save 2.5 billion pounds (2.8 billion euros, 3.7 billion dollars) through the cuts, which union leaders described as "devastating," in its back office operations. "We have set a new strategy for RBS to restore the bank to standalone strength as soon as practicable," said chief executive Stephen Hester. "From this we want the government to be able to realise value from its investment in RBS." "To do so we need to cut our costs, as in all businesses, given the current recession. Unfortunately that means taking difficult decisions about jobs as well as taking many other cost reduction actions." The bank said compulsory redundancies would be a last resort and said the overall impact of the job cuts would be lessened because of natural workforce turnover and a reduction in the number of temporary staff. Even so, union leaders reacted angrily to the news, with Rob MacGregor, national officer of the Unite trade union, saying the union was "appalled that thousands of people, who form the backbone of the RBS operations, are to be made redundant." "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." Earlier Tuesday, RBS confirmed that the state had raised its stake in the group to 70.3 percent after investors snubbed a sale of new shares that was backed by the government. RBS, ravaged by the credit crunch and the 2007 takeover of Dutch group ABN Amro at the top of the market, said in a statement that investors bought just 0.7 percent of new shares -- which left the government to pick up the tab. The state acquired a 57.9 percent stake earlier this year after RBS took 20 billion pounds (21.6 billion euros, 28.7 billion dollars) of government funds. In January, the government agreed to convert its preference shares in RBS -- obtained during last year's bailout -- which were worth five billion pounds of normal shares. But existing shareholders were also given the right to buy the shares, which were priced at 31.75 pence per share. The placing was launched on March 16 and closed on Monday. In addition, the government's stake could climb even higher after RBS agreed earlier this year to ring-fence 325 billion pounds of assets into the British government's insurance scheme for toxic assets. The state bailout of RBS, which posted the biggest loss in British corporate history in 2008, has sparked fury in Britain, with ire particularly reserved for former boss Fred Goodwin, who has received a substantial pay-off despite presiding over the bank's struggles. Goodwin, 50, has refused repeated government requests to voluntarily give up part of his pension, insisting that it was properly done and cleared. Anti-capitalism protesters who staged a demonstration in central London on the eve of last week's G20 summit here in London broke into an RBS office and attempted to steal office equipment before being forced out by police. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo The Royal Bank of Scotland (RBS) headquarters in London. Royal Bank of Scotland said it would cut 9,000 jobs over the next two years, half of them in Britain, on the same day the government lifted its stake in the troubled lender. Most Popular – Top Stories Viewed Journalists get shock with 'sexy' White House call World's first hands, face transplant Dubai shrugs off crisis with new budget airline Explosives chemical found in US baby formula Fed strikes currency swap deal with central banks View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

Other News on Tuesday, 7 April 2009
Iran's Ahmadinejad says waiting for U.S. policy change | International |
Venezuela cracks down on anti-Chavez leaders | International |
Four blasts in India's Assam kill 8 before PM visit | International |
Yahoo looks outside its walls with new music service | Technology |
Sun tumbles as IBM talks fail, outlook uncertain | Technology |
Time Warner laying ground for possible AOL spin | Technology |
AP cuts newspaper rates, moves to protect web news | Technology |
Two Crichton novels to be published posthumously | Entertainment |
Italy finds quake survivors, but hopes fading | International |
Japan seeks strong U.N. response on North Korea rocket | International |
Seven car bombs kill 37 across Baghdad
Cuba's Raul Castro meets U.S. officials | International |
Venezuela's Chavez backs Obama's conflict-free call | International |
Series of bombings in Baghdad Shiite areas kill 37
Obama says U.S. is not at war with Islam
Italy quake kills at least 179; scores saved
Israeli police demolish home of Jerusalem attacker
Fed strikes currency swap deal with central banks
Dubai shrugs off crisis with new budget airline
As Iraq rape trial begins, attorneys attack law
Nigeria dismisses U.S. warning of possible attack | International |
World's first hands, face transplant
Blair: Skepticism about peace after Netanyahu win
Black Monday in Baghdad as car bombings kill 32
Asian summit to discuss rocket and recession | International |
Crisis-hit Russia faces tough year: Putin
Massive earthquake hits off Kuril Islands | International |
US automaker Ford slashes debt by 9.9 bln dlrs
Cuba's Raul Castro meets US lawmakers
Salesforce offers customers free service | Technology |
Raul Castro meets with 6 visiting US lawmakers
Page first turned on e-book idea long ago | Technology |
US fighter jets scramble, chase stolen plane
Labels bet flexibility boosts iTunes sales | Technology |
US-TECH Summary
Gates urges 'reform,' cuts in US weapons programs
Salesforce offers customers free mobile service
Obama to wrap up Europe tour
Industries, countries scrap over high-tech metals
Report: Number of attacks on aid workers surges
Tough times for Poles in Ireland
Son says accused nazi guard has illness
Labels bet flexibility boosts iTunes sales
Experts argue if NKorea's launch suggests progress
Page first turned on e-book idea long ago
Chechnya doesn't need independence: Kadyrov
Clinton pressing UN on North Korean launch
Italian rescuers hunt survivors as quake kills 179
NASA astronaut to send Twitter updates
Nazi guard Demjanjuk to fight deportation order
French police find huge ETA explosives cache
Foreign telecom barriers hindering competition: US
AP to take on Web piracy, cut rates
Salesforce offers customers free mobile service
Chris Brown pleads not guilty in Rihanna abuse case | Entertainment |
Paul-and-Ringo duet thrills Beatles fans at benefit | Entertainment |
Budget-conscious Hollywood in grip of remake fever | Entertainment |
Dutch soldier, 4 insurgents killed in Afghanistan
Malaysia to revive caning in schools
Gossip writer out of job after Wolverine review | Entertainment |
Fire damages Beijing museum built for Olympics
Unusuals brings offbeat humor to cop drama | Entertainment |
Sri Lankan president says rebel myth shattered
Actors union negotiators meet, deal report said premature | Entertainment |
US seeks strong response to NKorea rocket launch
China launches sweeping health care reform plan
Khmer Rouge jail chief details torture methods
US: 4 insurgents killed in southern Afghanistan
Budget-conscious Hollywood in grip of remake fever
OneAsia Tour's Pine Valley Beijing Open called off
Jackie Earle Haley to be Freddy in 'Elm St' remake
Thai PM vows to prevent 'civil war'
Breakthrough in Hollywood actors' deadlock: report
Hollywood warns Bollywood on 'Button' remake
S.Korean won ends down 0.6 pct on bank worries
Seoul shares end at new 6-month high; techs up
FACTBOX-S.Korea's $2 bln sovereign bond sale at a glance
US-ENTERTAINMENT Summary
World Bank: East Asia faces slower growth
Budget-conscious Hollywood in grip of remake fever
Japan's central bank keeps interest rate unchanged
Tehran wall art illustrates peace offensive
Vietnam to raise minimum state salary by 20 pct
Israel hopes pope helps image, brings cash
World Bank: China's recovery could start this year
Paul-and-Ringo duet thrills Beatles fans at benefit
Philippines March inflation slows to 6.4 percent
Miley Cyrus still adjusting to life as a superstar
SKorea-US trade deal could come sooner: advocate
"Unusuals" brings offbeat humor to cop drama
Singing serial killer faces death sentence
Korea Hot Stocks
Gossip writer out of job after "Wolverine" review
Review: `Observe and Report' should cease, desist
Singer Chris Brown denies Rihanna assault
Moldovan protests turn violent after Communist win | International |
Israel destroys part of Palestinian attacker's home
Baghdad car bomb kills 9 in Shi'ite area | International |
Pakistan, U.S. stress trust, disagree on drones | International |
As Iraq rape trial begins, attorneys attack law
Spain sacks economy chief as government struggles | International |
Merkel cuts short surprise Afghan trip
Ailing lender RBS to cut up to 9,000 jobs
Peru's Fujimori convicted of human rights crimes | International |
Sudan's Bashir vows to try Darfur war criminals | International |
Britain's ailing RBS to cut up to 9,000 jobs
Israel carries out missile test: Defense Ministry | International |
Hopes for recession turnaround take a hit
Gunman kills one, then self, in German court shooting | International |
Shooter kills one, then self at German court
East Asia faces slower growth: World Bank
US seeks strong response to NKorea launch
Obama ends Europe trip with tour of Istanbul mosque
Obama: Accord on climate will be tough
Australia to invest $31 billion in broadband | Technology |
Castro welcomes US lawmakers
Google helps, not hurts newspapers, executive says | Technology |
Australia to build $31 billion broadband network
At least two dead in German court shooting
Scuffles as London police end Tamil demo
Chris Brown pleads not guilty in Rihanna abuse case | Entertainment |
China moves to make competitive publishing giants
Original Beatles digitally remastered | Entertainment |
McCain urges respect of human rights in Vietnam
Malaysia's ruling coalition wins first of 3 votes
Ex-Khmer Rouge tells how he put prisoners in pits
Elephant tramples Dutch tourist to death in India
UNESCO gives posthumous award to Sri Lankan editor
Australia to build $30 bln broadband network
Pakistani stocks end at highest close this year
Protestors trap Thai PM inside beach hotel
Rare megamouth shark caught, eaten in Philippines
S.Korea orderbook reaches $2 bln in bond sale-source
Philippine inflation eases to 6.4 percent in March
Bank of Japan leaves interest rates unchanged
S.Korea to set up $3 bln fund to buy ships -report
Pakistan's monetary policy may ease -central bank
LaBelle, Jones to be honored at Apollo concert
Taiwan dlr falls on risk concerns, c.bank movement
Part of 'Cuckoo's' hospital to be saved for museum
World Bank sees shrinking China exports in 2009
Imported Bruennhilde has some success in Met debut
ADNOC to visit South Korean refiners
Police fire shots at demonstrators in Papua
An overview of Indonesia's parliamentary elections
Indonesia prepares for parliamentary elections
Singapore News
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01