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RBS to cut 443 jobs in UK, move many of them to India

ATM cash machines outside a branch of the Royal Bank of Scotland in Edinburgh.
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ATM cash machines outside a branch of the Royal Bank of Scotland in Edinburgh.

British lender Royal Bank of Scotland is planning to cut 443 jobs dealing with business loans and many of them will move to India, the bank said.

The Edinburgh-based bank said the cuts were part of a restructuring aimed at becoming a smaller bank.

"We realise this will be difficult news for staff and we will do everything we can to support those affected," the bank said in a statement. "All roles which require customer contact will remain in the UK."

RBS, which is more than 70 percent state-owned, is in the midst of a major restructuring aimed at returning the bank to profit after almost a decade of straight years of losses.

The bank was rescued with a 46 billion pound ($58.48 billion) state bailout during the 2007-09 financial crisis.