Adam & Co to axe 130 jobs

Adam & Company, the top people’s bank, is to lose 130 jobs, or almost 40% of its headcount, as part of the Royal Bank of Scotland’s slimming-down of its wealth division.

The announcement comes hard on the heels of the departure of managing director David Cathie, which RBS announced earlier this month, and follows the purging of the bank’s 10-man board last February.

RBS said in June that it would be axing 500 roles in the wealth division, which employs 3500. The majority work in City-based Coutts, bankers to the Queen, but Adam & Co employs 350, or one in 10, prompting speculation that Scottish job losses might be limited to 50.

From: Herald Scotland