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RBS job cuts
Source: Agencies |
September 25, 2012, Tuesday
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Print Edition
Print Edition
ROYAL Bank of Scotland has raised its target for job cuts at its investment banking business to 3,800 by the end of 2013, 300 more than previously anticipated, according to slides released by RBS ahead of an investor presentation.
RBS has abandoned ambitions to be a top global investment bank, bowing to government pressure to exit riskier operations and prepare for tougher international regulations.
Of that total, 3,000 will go by the end of this year. CEO Stephen Hester had already axed 34,000 jobs since arriving at RBS in 2008.
RBS has abandoned ambitions to be a top global investment bank, bowing to government pressure to exit riskier operations and prepare for tougher international regulations.
Of that total, 3,000 will go by the end of this year. CEO Stephen Hester had already axed 34,000 jobs since arriving at RBS in 2008.
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