News

RBS to shutter one-quarter of remaining UK branches

December 15, 2017

The Royal Bank of Scotland has announced plans to close 259 branches — a 25 percent network reduction for a financial institution that has already downsized significantly in recent years, including the shuttering of 158 branches announced in March.

NatWest, which is owned by RBS, will take the larger hit, closing 197 branches compared with 62 branches under the RBC banner, according to a BBC report. This latest announced round of closures will leave RBS and NatWest with a total of 744 branches in the U.K.

RBS said the closures, which will be occuring throughout the U.K. market, were necessary due to a 40 percent drop in foot traffic to branches since 2014, as more customers opt to bank through digital channels.

RBS estimated that 680 employees will lose their jobs due to the closings, cuts that bank employees union Unite called "savage," the BBC report said. RBS said it would do all it could to help laid-off employees.

Other U.K. branches also announced further planned closures this week, as the U.K.'s physical banking infrastructure continues to shrink. Lloyds said it will close 49 branches; the Yorkshire Building Society will close 13.