RBS to cut 30,000 jobs by slashing its investment banking division

The bank, 81 per cent owned by the taxpayer, has already axed 40,000 posts since it was bailed out by the government in 2008

Royal Bank of Scotland is gearing up for further job cuts as it prepares to focus on the high street and withdraw from riskier investment banking activities.

It now aims to cut up to 30,000 more posts by offloading parts of its international business and slashing its investment banking division.

The bank, which also owns NatWest and Ulster Bank, will make heavy cuts to its 11,000 investment bank staff as it retreats from US and Asian markets.

The bank will also sell its American retail bank Citizens, shedding a further 18,000 jobs – the vast majority of which will be in the US.

The bank currently employs 120,000 staff and is expected to focus on retail customers, small business and larger corporations.

Full article: RBS to cut 30,000 jobs by slashing its investment banking division (Mirror)

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