Internship News

Students working as summer temps in the financial sector could be interested to hear one union is urging the industry's institutions not to make "knee-jerk" job cuts.

Unite has told banks that even if mid-year results show a loss in trading they should think about the long-term and how staff will contribute to their successes.

Personneltoday.com reported that the Royal Bank of Scotland (RBS) group posted losses of some £691 million thought to be because of the economic downturn.

Its underlying operating profit for the first-half of 2008 was also down by three per cent to £5.1 billion.

Grahan Goddard, deputy general secretary of the union, said the operating profit of all financial institutions, although reduced, show they remain profitable and successful in difficult times.

"RBS and other financial institutions are urged to not make knee-jerk reactions in terms of jobs and to maintain staffing levels that have delivered such economic successes in the past 10 years," he added.

A recent Lloyds TSB survey of 2,000 adults found nearly one-third fear their job safety has become less secure over the course of the past 12 months.

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