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RBS Said to Cut About 30 Jobs in Brazil as It Shuts Unit

Royal Bank of Scotland Group Plc. will cut about 30 jobs in Brazil as the lender abandons plans to start an investment bank in the South American country, said two people familiar with the matter.

Carlos Braga, who heads the unit, and senior economist Zeina Latif are among the employees being fired, said one person, who spoke on condition of anonymity because the job cuts haven’t been announced publicly. RBS won’t follow through with a plan to open the unit, according to an e-mailed statement today from Michael Geller, a company spokesman.