Business Headlines: Target’s Mini-Stores; New ‘Average Joe’s’
BOSTON (CBS) – The parent company of Citizens Bank is cutting thousands of jobs overseas.
At this point, the cuts only affect the United Kingdom investment banking division of the Royal Bank of Scotland.
When the Boston Business Journal asked Citizens about the effect here, they wouldn’t say much.
But these are major cuts.
At least 3,500 jobs will be eliminated over the next three years and that figure could shoot up to 4,800.
In a memo to employees, the Royal Bank of Scotland’s CEO said it is pulling out of businesses that are unprofitable or where RBS is struggling to compete.
Citizens Bank is the second-largest retail bank in Massachusetts.
So the short answer is – we’ll have to wait and see.
Target is looking to Boston to try out a new business model.
The company plans to open small boutique “mini-stores” in locations around the country.
One of the first retailers featured – will be Boston-based Polka Dog Bakery.
The store will be able to sell their merchandise to Target customers for six weeks And will be featured on Target’s website.
Paypal is expanding in Boston.
Right now, they employ about 100 people at their North End office.
But a company representative told the Boston Globe Paypal could be adding several hundred more jobs to the Boston location over the next few years.
The company would need expanded office space and there are reports parent company eBay has been shopping sites around the city.
NEW ‘NOT YOUR AVERAGE JOE’S’
And some good news for restaurant lovers.
“Not Your Average Joe’s” plans to open its 16th location this week in Seekonk. The chain is based in Middleboro.
There are already locations in Hyannis, Newburyport, Medford, Randolph and Westboro.
Watch Lisa’s report:
Lisa van der Pool of the Boston Business Journal can be seen weekdays at 6 a.m. on WBZ-TV.
You can follow Lisa on Twitter at @lvanderpool.