Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Royal Bank of Scotland has announced that it is closing a total of 259 branches, with the loss of 680 jobs.
The total includes 62 RBS branches and 197 NatWest branches. The banks said it will try and manage the redundancy process on a voluntary basis.
RBS said that since 2014, the number of customers using its UK branches has fallen by 40% while mobile transactions have increased by 73%.
A spokesperson said:
Over 5 million customers now use our mobile banking app and one in five only bank with us digitally. We’re providing our customers with more ways to bank than ever before – they can choose from a range of digital, to face-to-face options.
As customers continue to change the way they bank with us, we must change the way we serve them, so we are investing in our more popular branches and shaping our network, replacing traditional bricks and mortar branches with alternative ways to bank.
We expect these branch closures to result in around 680 redundancies. We realise this is difficult news for our colleagues and we are doing everything we can to support those affected. We will ensure compulsory redundancies are kept to an absolute minimum.
Also coming up today, we have a host of manufacturing PMI’s, which will give us the first insight into how the sector – and the wider economy – performed in November:
9am GMT: eurozone manufacturing PMI
9.30am GMT: UK manufacturing PMI
1.30pm GMT: Canadian growth figures for the third quarter (giving us the complete picture of for the G7 economies)
1.45 GMT: US manufacturing PMI