12 Jan '12, 8am

RBS to cut 3,500 jobs and shrink investment bank

RBS to cut 3,500 jobs and shrink investment bank

Part-nationalised Royal Bank of Scotland is to cut about 3,500 jobs as it sells and shrinks parts of its investment bank over a three-year plan to further reduce risk. -- PHOTO: AFP LONDON (AFP) - State-rescued Royal Bank of Scotland said on Thursday it would cut about 3,500 more jobs over the next three years as the group shrinks its investment banking activities as part of a major overhaul. The lender, which is 82-per cent state owned, also outlined plans to reorganise its wholesale banking operations into two divisions - Markets and International Banking - and downsize or cease other selected activities. The company will exit businesses including cash equities, corporate broking, equity capital markets, and mergers and acquisitions. It will also implement 'significant' reductions in its balance sheet, funding requirements and costs.

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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