Sunday, March 13, 2016

Royal Bank of Scotland is Axing 550 Jobs, Replacing Them With Robo-advisers

From City AM:

The rise of the robots means job losses at Royal Bank of Scotland
Royal Bank of Scotland is axing 550 jobs and replacing them with so-called robo-advisers, in the company's latest move to cut costs.

The axe is set to fall on RBS's investment advice division as well as its protection advice team, with the bank blaming falling demand for face-to-face services for the job losses.

Robo-advice, popularised by digital startups such as Nutmeg, tells customers where they should invest based on a series of online questionnaires about their financial situation.

Traditionally these services have catered to the online wealth management market but are now expanding into investment advice....MORE