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RBS to close 162 branches

RBSRoyal Bank of Scotland is closing 162 branches in England and Wales and this may lead to some 800 job cuts. The bank said the job losses were the result of a deal made with the European Union that meant the bank would no longer be forced to sell 300 branches. Instead 60% of them will be shut down. The EU had demanded the sale, to increase competition, as a condition of the RBS taxpayer bailout in 2009. RBS resurrected the Williams & Glyn name for the branches it put up for sale – which were RBS banks in England and Wales together with NatWest branches in Scotland. However, it was unable to find a buyer. The closures affect branches across England and Wales.

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