RBS to cut 3,500 investment bank jobs

Royal Bank of Scotland is to axe about 3,500 investment bank jobs and sell or shut equities and advisory business under a 3-year plan to further reduce risk and focus more on domestic retail and corporate ...

Royal Bank of Scotland to sell or shut equities and advisory business under 3-year plan to reduce risk and focus more on domestic retail and corporate banking

Royal Bank of Scotland to sell or shut equities and advisory business under 3-year plan to reduce risk and focus more on domestic retail and corporate banking

LONDON (Reuters) - Royal Bank of Scotland has

Reuters - Part-nationalized Royal Bank of Scotland is to cut about 3,500 jobs as it sells and shrinks parts of its investment bank over a three-year plan to further reduce risk.

Britain's state-rescued lender Royal Bank of Scotland announced on Monday that it plans to axe 2,600 jobs.The bank, which is 83-percent owned by the British government after an enormous bailout, plans to cut 2,000 jobs at its insurance division and another 600 positions at its retail head office, a spokesperson told AFP."We are working hard to rebuild RBS in order to repay taxpayers for their support and having to cut jobs is the most difficult part of this process," the spokesperson said.