RBS bankers admit 5,000 job cuts, confident on debt

05 Jan 2012

Royal Bank of Scotland bankers have responded with a mixture of resignation, frustration and impatience to leaks about the strategic review of its investment bank. Sources say the bank envisages a maximum of 5,000 job cuts in its investment bank, half the number reported elsewhere this week.

The division, which has 19,000 employees, is likely to shed its 1,200-strong cash equities business, and will make up to 3,800 further job cuts, EuroWeek understands. The sale of the cash equities business is the most concrete immediate aspect of a broader restructuring that RBS aims to complete ...

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