Royal Bank of Scotland to cut up to 14,000 jobs by 2019: Report
The UK’s state-rescued Royal Bank of Scotland (RBS) is set to cut up to 14,000 jobs in its investment banking units across the United States and Asia by 2019, the Financial Times reported on Wednesday.
The number amounts to 80 percent of the jobs in the RBS’s investment banking sector, which is scheduled to experience a massive restructuring in a bid to turn around the struggling bank’s fortunes, the reported added.
The restructuring plan includes efforts to downsize the bank and concentrate its operations in the UK.
Bank officials said they would end their presence in 25 countries, reducing the bank’s international locations to 13 countries.
Last week, the Edinburgh-based bank announced that it would not continue investment banking in the Middle East and Africa and “significantly” diminish its activities in Asia and the US.
An RBS spokeswoman declined to comment on the report about the extent of the planned job cuts.
During the international financial crisis in 2008, the RBS received a rescue package from the British government, which now owns 80-percent of the bank following a near collapse.
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