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RBS to cut 443 jobs in UK, move many of them to India

Reuters
FILE PHOTO: The Royal Bank of Scotland is seen in the High Street Melrose in the Scottish Borders, Scotland, Britain April 27, 2017. REUTERS/Russell Cheyne

(Reuters) - British lender Royal Bank of Scotland (LSE:RBS.L - News) is planning to cut 443 jobs dealing with business loans and many of them will move to India, the bank said.

The Edinburgh-based bank said the cuts were part of a restructuring aimed at becoming a smaller bank."We realize this will be difficult news for staff and we will do everything we can to support those affected," the bank said in a statement. "All roles which require customer contact will remain in the UK."RBS, which is more than 70 percent state-owned, is in the midst of a major restructuring aimed at returning the bank to profit after almost a decade of straight years of losses.

The bank was rescued with a 46 billion pound ($58.48 billion) state bailout during the 2007-09 financial crisis.

(Reporting by Andrew MacAskill in London; Additional reporting by Parikshit Mishra in Bengaluru; Editing by Adrian Croft)