Ulster Bank owner Royal Bank of Scotland Group is said to be cutting 450 service jobs as it retrenches its operations in the UK.

“As RBS becomes a smaller UK-focused bank, we are restructuring our support services to better align with the business we are becoming,” according to an e-mailed statement from the bank that didn’t include any job figures.“These changes unfortunately mean some job losses.”

Chief executive Ross McEwan is cutting thousands of jobs and shedding assets around the world as he attempts to resume dividends for the first time since the bank’s £45.5 billion taxpayer-funded bailout in 2008.

Low interest rates and slowing economic growth are pushing him and other bank executives to take out more costs to maintain profitability.

Bloomberg