Royal Bank of Scotland (RBS) is planning to cull thousand more jobs next month in a move to save costs and stabilize its balance sheet.
The move comes as part of the company’s plans to cut an estimated £1 billion of costs after suffering crippling losses.
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RBS CEO Ross McEwan said that the company is reducing its cost to income percentage to 50s from the current level of 65%.
The cost-cutting plan has been codenamed Project Cook internally by the officials.
McEwan added that the reduction will see a cut of as much as £1.25 billion in operating costs and the shrink in the bank’s international operations will result in greater automation of high street banking services.
The firm’s cost cutting plans are expected to be revealed during the next month alongside the announcement of the bank’s annual results in February.
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By GlobalDataRBS said: "The review will aim to improve the bank’s performance and effectiveness in serving its customers, shareholders and wider stakeholders."
