As per latest publications, Royal Bank of Scotland is set to slash almost 443 UK jobs dealing with business loans as it move many of these jobs to India.
The lender said it was moving the jobs, which help to handle loans for small businesses, as part of an ongoing cost-cutting drive.
However the state-owned bank, which also owns RBS and NatWest, added that UK staff would still work with customers and take the judgment on whether to grant loans.
Meanwhile the Unite union said UK workers and taxpayers would fail to benefit from from the move.
“By shipping these jobs to India, RBS will be getting that work done more cheaply at the cost of jobs and livelihoods here in the UK,” a spokesman said.
Chairman of the Federal of Small Businessesm Mike Cherry, said in a statement that the bank’s small business customers will also be disconcerted by the verdict.
“Many small business customers with RBS will be extremely concerned at the idea of local expert staff being sent packing and their roles outsourced to call centres halfway round the world,” Mr Cherry said.
Furthermore Mr. Cherry said in a statement it was the “wrong way to rebuild trust” after branch shut downs and a mis-selling scandal that saw thousands of small business customers remunerated by the bank last year.
Moreover the lender, which is still 73% owned by the government after a £45 billion bailout in 2008, said staff in Mumbai would take over back-office roles such as background checks.
Moreover it added that UK-based staff would continue to do the work that involved customer contact. But the Credit decisions will also be taken in the UK, according to the bank.
This news arrives just weeks after RBS said it would lay off 250 IT workers in the UK and move dozens of the roles to India.