Royal Bank of Scotland (RBS) is to
drastically cut its investment banking unit, with media reports
suggesting as many as 14,000 out of the department’s 18,000 workforce
will be laid off by 2019, mainly in Asia and the US.
The investment banking department of RBS currently employs 18,000 people, and will quit 25 of the 38 countries in which it operates, the FT reports referring to people familiar with the matter. Although the sources couldn’t provide exact figures, the changes will concern four out of five employees in the investment banking unit. The majority of job cuts are expected in the US and Asia, and will cost between £2.5 billion and £3.5 billion ($4.0-$5.5 billion).
The investment banking department of RBS currently employs 18,000 people, and will quit 25 of the 38 countries in which it operates, the FT reports referring to people familiar with the matter. Although the sources couldn’t provide exact figures, the changes will concern four out of five employees in the investment banking unit. The majority of job cuts are expected in the US and Asia, and will cost between £2.5 billion and £3.5 billion ($4.0-$5.5 billion).
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http://rt.com/business/237501-bank-of-scotland-cuts/
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