Home Business NewsFinance News Thousands of jobs in limbo as RBS says it will move to London if Scotland votes “yes”

Thousands of jobs in limbo as RBS says it will move to London if Scotland votes “yes”

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11th Sep 14 9:10 am

For the first time in almost three centuries, RBS could be headquartered in London.

It has confirmed in a statement that it will have to re-domicile if Scotland votes “yes” in next week’s referendum.

RBS employs 11,500 people in Scotland.

The bank said it intends to keep a “significant level of its operations and employment in Scotland” – but with an HQ south of the border, it would inevitably have to move a chunk of jobs there.

RBS said that it would re-domicile if there was a “yes” vote because of the “number of material uncertainties” that would arise from a “yes” vote.

It said its “credit ratings, and the fiscal, monetary, legal and regulatory landscape to which it is subject” could all be affected by a newly independent Scotland.

RBS has been based in Scotland since 1727.

Lloyds Banking Group has also confirmed that it will re-domicile from Scotland if there is a “yes” vote, but it is already operationally headquartered in London. So it’s expected that a Lloyds move would just be a legal matter and would avoid affecting jobs or operations.

More on Scotland’s referendum from this week:

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