RBS  plans to eliminate almost 500 jobs which are based in the UK within its investment bank, as part of a strategic plan to cut costs, a source familiar with the matter said on Tuesday (Investment Advice Clifton Bristol).

Royal Bank Of Scotland is set to cut 448 UK jobs in their investment banking division to reduce costsThe tax payer bailed out bank will lose about 448 back and middle office potions. These roles support the investment banks trading functions and provide technology services.

Interestingly, RBS will be creating about 300 similar roles in India, the source said.

“As part of RBS’s drive to be a stronger, simpler and fairer bank we have been restructuring our Corporate & Institutional Bank, as well as reducing its size, to focus on our core customers and products,” RBS said in a statement.

Chief Executive Officer Ross McEwan has been cutting thousands of jobs to lower expenses in a bid to boost profitability after eight straight years of annual losses.

The latest job cuts come just days after the bank announced plans to eliminate 550 UK based financial adviser jobs as the lender plans to scale back its face to face in investment advice proposition.

At the end of 2015 the RBS group had a total workforce of 64,100 permanent employees in the UK.

In the bank’s results statement in February 2016 RBS said that it was aiming to make further savings of 800 million pounds this year.

(UK Reuters, Reporting By Andrew MacAskill; Editing by Sinead Cruise and Greg Mahlich)

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