RBS’ Stamford layoffs continue
Royal Bank of Scotland plans to lay off seven Stamford-based employees in June, adding to the cuts that have eliminated several hundred local positions in the past three years.
Reported last week by RBS to the state Labor Department, the layoffs represent the latest stage of a downsizing plan that has eliminated approximately 750 jobs at the company’s Americas headquarters at 600 Washington Blvd., since the beginning of 2015.
The latest reductions affect positions in areas including IT, HR and trading.
“We anticipate additional terminations throughout 2018,” Ronni Greenberg, RBS’ Americas HR head, wrote in a letter to the Labor Department.
Despite the ongoing layoffs, RBS officials have said in earlier statements that they plan to maintain the Stamford offices. They have declined to disclose how many still work for the company in Stamford.
“Our U.S. sales and trading operations in Stamford remain a core part of (investment bank) NatWest Markets, to continue providing our customers with access to the U.S. dollar markets across financing, rates and currencies,” the company said in a statement last year. “As we become a simpler, stronger bank, focused on serving our customers well, we are ensuring our business in the U.S. is the right size.”
After the financial crisis, RBS slumped to nine consecutive annual losses. But the Edinburgh, Scotland-headquartered bank’s performance rebounded in 2017 with a profit of approximately $1 billion.
“Shrinking its footprint generally has been part of the recovery for RBS,” Lawrence J. White, a professor of economics in New York University’s business school, said in a recent interview. “It shouldn’t come as a big surprise that as part of the overall shrinking that they would be shrinking their North American operations.”
As RBS has reduced its footprint at 600 Washington Blvd., a building that it owns, others have moved in to help fill the gaps.
In 2016, UBS relocated its downsized Stamford operations from the office tower and annex across the street at 677 Washington Blvd. Covering more than 700,000 square feet, 677 Washington represents the city’s largest office vacancy.
Last week, Bank of America confirmed that it would open in the fall an approximately 115,000-square-foot center at 600 Washington. The Charlotte, N.C.-headquartered bank has declined to comment on which operations would be based there.
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