Royal Bank of Scotland (RBS) is reportedly planning to exit its fixed-income trading in Japan as part of its efforts to cut costs and scale back its business in investment banking.
The bank may slash staff numbers by more than 200 to about 30, with most of the jobs going by February, reported Bloomberg.
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RBS Securities Japan is expected to relinquish its primary dealership in the country’s government bond market and hold only enough people to service clients.
In addition, RBS executives will meet with Financial Services Agency (FSA) officials in Japan this week to detail the closure plan and will inform clients as early as next week after receiving approval.
Ross McEwan, CEO of RBS, said that the bank also aims to cut the group’s non-UK activities to less than a quarter of its assets within the next few years, down from 27% at the end of last year.
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