Cllr Ross and Hugh Rutherford comment on RBS job cut announcement

Responding to the news that Royal Bank of Scotland (RBS) is to cut a further 1,400 jobs from its retail banking head office over the next two years:

Cllr Frank Ross, Economic Convener, said: “While this is disappointing news, Edinburgh remains an important player in the world financial markets.

"We were always aware that the financial crisis would result in a degree of restructuring in the finance sector and that, unfortunately, this would impact on levels of unemployment in the city. Obviously we recognise that this brings great uncertainty and worry for those affected.

"For this reason, we will seek to work with the Government, their agencies and our partners to ensure the workforce are supported as much as possible and I will be pulling together a task force to coordinate this activity.”

Hugh Rutherford, Chair of the Edinburgh Business Forum, said: “Although disappointing news we need to remember the financial institutions who have recently opened centres here including Tesco Bank, Sainsbury’s Bank and the Green Investment Bank thanks to our talented and skilled workforce. This continued investment from the financial sector in Edinburgh will help keep the City economy growing.

"The diversity and strength of the Edinburgh financial services sector, which has been growing through the downturn, and the skilled financial services workforce, will hopefully be absorbed by the new growth sectors in the financial areas of the capital."

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