RBS tipped to cut 900 IT roles by union

Reorganisation plans from RBS have put 800 IT jobs at risk

Reorganisation plans from RBS have put 800 IT jobs at risk

Royal Bank of Scotland (RBS) is planning to cut 880 IT jobs at its London offices by 2020 the Unite Union has claimed.

02/07/2017 - Royal Bank of Scotland Group plc was upgraded to "hold" by analysts at Deutsche Bank. The business had revenue of $4.74 billion for the quarter, compared to the consensus estimate of $4.10 billion. Royal Bank Scotland PLC (The) now has a consensus rating of Hold and a consensus price target of $7.25.

7/19/2017 - Royal Bank of Scotland Group plc had its "neutral" rating reaffirmed by analysts at BNP Paribas. The stock's market cap is $40.38 billion. The company has a consensus rating of "Hold" and a consensus target price of GBX 246.84 ($3.20).

"Royal Bank of Scotland is continuing with its savage jobs culling program", said Rob MacGregor, Unite national officer. Cubist Systematic Strategies LLC acquired a new position in Royal Bank Scotland PLC (The) during the second quarter valued at about $102,000. Royal Bank Scotland PLC has a 52-week low of $4.18 and a 52-week high of $7.06. Quantum Capital Management bought a new stake in Royal Bank Scotland PLC (The) during the first quarter worth approximately $107,000. The stock has a 50 day moving average price of $6.67 and a 200-day moving average price of $6.35. J P Morgan Chase & Co raised Royal Bank of Scotland Group plc from an "underweight" rating to a "neutral" rating and upped their price target for the company from GBX 210 ($2.73) to GBX 230 ($2.99) in a research report on Wednesday, April 19th.

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Chancellor Philip Hammond told MPs in April that the government was not actively marketing its stake in the bank, adding: "We must live in the real world and make decisions on the future of our holding in RBS in the best interest of taxpayers".

Royal Bank of Scotland Group plc (LON:RBS) opened at 265.80 on Wednesday. Parametric Portfolio Associates LLC now owns 1,638,837 shares of the financial services provider's stock worth $10,702,000 after buying an additional 121,548 shares during the last quarter. Hedge funds and other institutional investors own 0.43% of the company's stock. The company, which owns NatWest and Ulster Bank, was fined £56m in 2014 by financial regulators for the outage.

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