RBS Said to Consider Closing Equities Business, Job Losses

Royal Bank of Scotland Group Plc, Britain’s biggest state-owned lender, may close its equities unit as the lender strives to shrink its investment bank, two people familiar with the matter said.

Shutting or selling the division, including U.K. stockbroker Hoare Govett, are among the options being considered by the bank’s board, though no final decision has been made yet, said the people, who declined to be identified because the discussions aren’t complete. An announcement is expected by the time the bank reports full-year earnings at the end of February, the people said. The equities unit employs about 1,000 people.