RBS to Shut 259 More Branches Amid Shift to Digital Banking

Traffic leaves light trails while passing a Royal Bank of Scotland Group Plc bank branch in London, U.K., on Wednesday, Feb. 15, 2017. RBS is preparing to cut more than 1 billion pounds ($1.25 billion) of annual operating costs by eliminating jobs and closing branches as it seeks to bolster profitability, said a person with knowledge of the plans.Photographer: Luke MacGregor/Bloomberg

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By Stefania Spezzati

December 1, 2017 at 7:00 AM UTC

Updated on

December 1, 2017 at 7:20 AM UTC

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Royal Bank of Scotland Group Plc will close 259 more branches across Britain in its latest round of cuts as customers shift to online banking.

Outlets under both the NatWest and Royal Bank of Scotland brands will close in the middle of next year, resulting in about 680 job cuts, the company said Friday. RBS said it will use the savings to invest in its smartphone offering, which has seen mobile transactions rise more than 70 percent since 2014.