On Air Manx Radio Update Paul Moran | 5:30pm - 6:00pm

RBS International confirms job losses

RBS International has confirmed that 90 jobs are going across its offshore operation.

There has been no official word, but it's thought 21 of those jobs are from the Isle of Man.

Meanwhile, unions say they will "strongly resist the losses".

Here's our business editor John Moss (text, below, from attached audio file):

Staff in Douglas were told this morning of the cuts.

It follows an enormous loss posted a week ago by the group as a whole, along with the news that a restructuring was to take place.

Now, and following what the company has termed "a thorough review of its offshore businesses", RBS International is restructuring and reducing the number of jobs by 90 across all its offshore locations.

That figure of 21 in the Isle of Man is not being confirmed. In fact no specific figure is being given, though any losses would be across RBSI, Nat West and the Isle of Man Bank.

Chief Executive of RBS International Ian Henderson describes the job losses as "regrettable".

Meanwhile, the union Amicus has says the losses will be badly received across the offshores who rely heavily on the finance sector.

Representatives from the union say they will strongly resist any compulsory redundancies.

They say ordinary workers are paying the price for management decisions which have led to the banking crisis.

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