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RBS Slips After Hester Departure as 2,000 Job Cuts Planned

Royal Bank of Scotland Group Plc, Britain’s biggest government-owned lender, fell in London trading after Chief Executive Officer Stephen Hester quit and the company started to cut 2,000 investment-banking jobs.

RBS will exit its equity derivatives and structured retail products divisions, Edinburgh-based RBS said in a memo to employees today. Hester, 52, said yesterday he would step down after almost five years in the post, without naming a successor.