Deals
RBS Cuts 4,800 Jobs as It Jettisons Equities, Mergers Units
This article is for subscribers only.
Royal Bank of Scotland Group Plc, Britain’s biggest government-owned bank, is to cut about 4,800 jobs including 3,500 at the investment bank as it jettisons unprofitable units, citing volatile markets and the cost of new U.K. regulation.
RBS will sell or close the cash equities, mergers advisory, corporate broking and equity capital markets operations, and is in talks with “a number of potential buyers” for the operation, it said today in a statement. About a further 1,300 jobs are to be eliminated in other areas, including Ulster Bank and corporate lending, said a person with knowledge of the matter.