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September 23, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Royal Bank of Scotland laying off another 43 in Stamford

Layoffs at the Royal Bank of Scotland’s Stamford headquarters are continuing, with the

Photo by Hearst Connecticut Media

company informing the Connecticut Labor Department that it will eliminate another 43 workers at 600 Washington Blvd. on Dec. 12. With the move, RBS will have laid off 675 employees over the past two years.

The struggling bank, headquartered in Edinburgh, has undertaken a series of restructuring measures over the past several years, beginning in 2008 when it was bailed out by the U.K. government.

Yesterday came word that Britain’s Financial Conduct Authority has agreed to allow a confidential report on the bank’s treatment of struggling companies to be examined by a barrister. The report examines the conduct of RBS’ small business restructuring unit, the Global Restructuring Group, which handled 12,000 troubled companies during the financial crisis of 2007-12. Some customers have accused it of pushing them into bankruptcy so it could pick up cheap assets, a charge the bank has denied.