Business News
Britain's RBS to cut further 3,500 jobs in investment banking arm
Jan 12, 2012, 10:28 GMT
London - Britain's part-nationalized Royal Bank of Scotland (RBS) announced a further streamlining of its investment banking services Thursday with plans to cut 3,500 jobs over the next three years.
The reductions at the Global Banking and Markets (GBM) division come on top of 2,000 cuts announced in that section earlier, and will affect operations in Britain and overseas, mainly in Asia and North America, the bank said.
RBS, which was bailed out by the British government in 2008, and which is 83-per-cent state-owned, has come under increasing pressure from the government to shrink its investment banking activities in order to reduce the risk to the taxpayer.
Overall staff numbers at RBS have fallen by 50,000 to 150,000 over the past three years.
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