New bank being prepared for sale

Fifth of RBS hires are for Williams & Glyn spin-off

Williams & GlynOne in five of the new recruits to the Royal Bank of Scotland group are for the newly-carved out Williams & Glyn subsidiary, it has been revealed.

Williams & Glyn is being created as a condition of the bank receiving state aid and will have more than 300 branches, almost entirely in England, although some of the new jobs are based in Edinburgh. Others are in London and Manchester.

New figures show that of the 1,235 positions advertised on the RBS jobs website, 240 are linked to Williams & Glyn which will be floated on the stock exchange in the second half of next year. Almost 150 of the jobs are related to risk and technology, reflecting a new emphasis on compliance.

Reviving the bank, which disappeared from high streets in 1985, is part of the government’s push to create a number of “challenger” banks. RBS has set aside £1.5 billion to spin-off the bank, originally known as Williams & Glyn’s, and it is believed more than 4,000 staff are working on the project.

The Competition and Markets Authority has hinted that RBS may be required to bulk up Williams & Glyn and add more branches.

RBS recently announced that Jim Brown, chief executive of Ulster Bank, will take the same role at Williams & Glyn. Ireland’s top paid banker, he succeeds John Maltby.

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