The Royal Bank of Scotland is currently 70 per cent owned by the state having received significant funding from the Labour government. As a result the bank has been analysing its operations and looking for efficiencies, which results in cuts.
In January the bank announced that it was making 221 people redundant at its Dublin Technology Services Centre, which will close during 2010. The bank has also sold off its factoring division in Germany to GE Capital.
RBS has been examining ways to dilute the Asset Protection Scheme through share issues but doubtless still in shock over the stunning events of earlier in the year.
With roots dating back to the early 18th century, 2008 and 2009 arguably saw more turmoil than any other years in its history for the RBS, which has tended to use the shortened version of its name in the last few years in order to appeal to a global market.
It was not as if RBS did not have enough on its plate, having just digested ABN Amro, the purchase that turned out to have been a disastrous error. The fallout, when it came, was brutal with massive losses and layoffs including a round of 2300 back-office positions in February. In May, RBS confirmed IT-specific job cuts of up to 700 positions.
However, with security and governance even more stark than ever, and with massive cost savings required, IT diligence has had to continue with ABN Amro manager of incident response and prevention Tom Roelofs saying there had been "enormous" challenges, including the security risks potentially coming from disgruntled staff.