Foreign Bank’s Job Cuts Could Hit Connecticut
(CBS Connecticut) – Job cuts by a foreign bank could hit Connecticut. Royal Bank of Scotland is shedding hundreds of jobs in the United States.
Bloomberg News reports that most of the job cuts will come in Stamford.
RBS is expected to shrink the staff of its mortgage-trading business over the next year or year-and-a-half.
A company official said mortgage trading is cooling off, after several very productive years.
RBS’ US headquarters is next to I-95 in Stamford.
Back in 2006, state officials trying to lure the firm to Connecticut promised up to $100-million in tax credits, and $9-million in construction-related tax breaks.
RBS received assistance from the Britain during the banking crisis. It is still mostly owned by the Bristish government.
A call to the bank’s public relations office was not returned.