Bank downsizes operations
RBS to sell London head office in cost-cutting move
RBS has been making big shifts in London
Royal Bank of Scotland Group is downsizing from its London headquarters in a cost-cutting move.
Most of its staff will transfer from 280 Bishopsgate to another RBS building at number 250 by the end of next year. The remaining staff will move to other offices.
The former HQ, which represents around a fifth of RBS’s floor space in London, will be sold.
A spokesman said: “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.
“We will be exiting 280 Bishopsgate by the end of 2019 which will further reduce our property costs in London. We will be revamping our nearby office at 250 Bishopsgate later in the year to accommodate more staff and to create a better, more flexible working environment.”
The bank is also closing 259 – about a quarter of its branches – and cutting 680 jobs, though it has denied the branch closures are a cost saving move.