RBS To Cut Jobs As It Moves To Robo Advisers

By Carla MozeeMarketWatch Pulse

Royal Bank of Scotland PLC is reportedly cutting 550 investment-advising jobs as its shifts to robo advisers. "[W]e are scaling back our face-to-face advisers and significantly investing in an online investing platform," RBS said in a statement on Monday. The statement didn't say how many jobs would be lost. RBS's online platform will be available later this year to customers with less than �250,000 ($359,000) to invest. Clients with more than �250,000 of investible assets will still be able to talk face-to-face with advisers. "The demand for face-to-face investment advice is changing. Our customers increasingly want to bank with us using digital technology," RBS said.

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