Royal Bank of Scotland (RBS) will slash about 2,000 jobs in its investment banking division after the bank’s CEO Stephen Hester announced his resignation following five years of service in the job.
The move to cut 20% of its markets-division staff will be spread worldwide. The job cuts should be largely made over the next 18 months.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
After coming under pressure from government and regulators to bolster capital, the bank said in February it was considering how to shrink its investment bank further.
It had announced about 3,800 job-cuts the previous year as well as plans to sell or close the unprofitable cash equities, mergers advisory and equity-capital markets divisions.
Last month, RBS announced that it was cutting a further 1,400 jobs at its retail banking head office, adding to more than 35,000 redundancies already unveiled since the banking crisis.
The latest announcement means 41,000 jobs have been cut since 2008.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
