Royal Bank of Scotland (RBS) staff are bracing themselves for news of job losses after new chief executive Alison Rose announced she will be making “tough choices”. In her first speech to staff on Friday, February 14, Rose will set out her strategy for addressing the issues she outlined in November.
RBS’s NatWest Markets division is advertising more than 40 positions in the Polish capital of Warsaw, a more than 10 per cent increase in its current staffing levels. The FT reported that the bank is also planning to set up a new market risk team and seeking rates specialists in Warsaw.
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When the bank’s 2019 results are published on Friday, analysts are expecting RBS’s headline profits to surge. They’re predicting a 50 per cent jump to £2.5bn, driven by lower costs in some areas and higher income generated by the mortgage business. If this proves true, this will be the third consecutive year of profit for RBS since its 2008 bailout.
Sources suggest that Rose, who was the first woman to lead one of the UK’s major banks, is also likely to announce the departure of Mark Bailie, chief executive of digital bank Bó. Bó launched last year and has underwhelmed investors and shareholders, having been forced to ask more than 6,000 customers to destroy their cards in order to comply with new EU banking rules.