January 23, 2018 / 8:21 PM / 4 months ago

RBS to leave its London headquarters in cost-cutting move

(Reuters) - Britain’s Royal Bank of Scotland Group Plc (RBS.L) will leave its current London headquarters by the end of 2019 in a cost-cutting move, it said on Tuesday.

The City of London business district is seen through windows of the Royal Bank of Scotland (RBS) headquarters in London, Britain September 10, 2015. REUTERS/Toby Melville

Many staff will transfer from the headquarters at 280 Bishopsgate in the City of London to another RBS building at 250 Bishopsgate, a bank statement said.

The remaining staff will move to other offices.

“As we become a simpler, smaller UK-focused bank and as we encourage more flexible ways of working, we no longer require the same amount of office space as we once did,” a company spokesperson said.

Britain's Telegraph newspaper reported the move earlier, saying RBS' old headquarters would be sold in what it said could be a test of the resilience of the capital's property market after Britain's decision to leave the European Union. (bit.ly/2E3CTy7)

State-backed RBS said towards the end of last year it will close around a quarter of its branches and cut 680 jobs as it cuts costs and encourages customers to use digital services, drawing criticism from lawmakers.

    Reporting by Kanishka Singh and Emma Rumney; Editing by Adrian Croft

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