Ulster Bank not affected as RBS cuts 550 positions

Ulster Bank staff will not be affected by its parent company’s decision to axe 550 jobs as it scales back its advisory services, a spokesperson said.

Royal Bank of Scotland, Ulster Bank’s parent company, is to cut in-person investment advice in favour of a new online investing platform.

The shift affects customers with less than £250,000 (€322.46m) to invest and will eliminate about 220 workers who helped provide such advice, according to a report in the Financial Times.

An Ulster Bank spokesperson confirmed the decision is an RBS project that will have no impact on Ulster Bank’s operations in Ireland.

RBS is scaling back its in-person advice as many younger, cost-sensitive investors already are flocking to automated services, such as so-called “robo-advisers” that use algorithms to make recommendations.

The firm also is overhauling how it advises customers on critical-illness and life insurance. That push will cost about 200 jobs, according to the Financial Times report.

“Our customers increasingly want to bank with us using digital technology,” RBS said in a statement.

“As a result, we are scaling back our face-to-face advisers and significantly investing in an online investing platform that enables us to help a new group of customers with as little as £500 to invest.

"Due to the gradual decline in the number of customers in our protection business, this service will now be available over the telephone,” RBS said.