RBS Losses Reported

Taxpayer-backed Royal Bank of Scotland has announced losses of £3.5 billion for 2014.

That's down from £9 billion the year before.

Last night, the bank's chief executive said he wouldn't be accepting a one-million-pound slice of his pay packet.

Unite, the country's largest union, says it's seeking an urgent meeting with Royal Bank of Scotland in order to obtain clarification from the bank on the announcement made today about 'substantial restructuring' in the investment banking division. 
 
Unite members say they're deeply concerned about the impact that such a vague statement will have across the UK as administration and back office staff are once again facing uncertainty as yet another finance organisation attempts to demonstrate their cost cutting credentials.
 
Unite national officer for RBS Rob MacGregor said: “Unite is deeply concerned that the announcement today by RBS of further restructuring will unfairly impact low paid and administration staff within the investment banking division. 
 
“Today’s announcement won’t leave the wealthy traders devastated and worried about how they pay their mortgages. It will be the worker in the back office earning £20,000 per year who now faces uncertainty about what the future holds.
 
“Already over 30,000 jobs have been cut from across RBS since the bailout in 2008. We now want a proper consultation period with Unite involving serious negotiations about how the business will be restructured.”
 
Royal Bank of Scotland is still 80% taxpayer owned following the 2008 bailout.