The bank’s latest decision to cut staff by 2019 is said to be part of its restructuring plan in a bid to turn around its fortunes, the Financial Times reported.
RBS CEO Ross McEwan said that the bailed-out bank plans to shed up to four in five investment-banking staff as it aims to reduce presence to 13 countries from the existing 38 at 2014-end.
Many of the job losses are expected at RBS’ offices in Stamford, Connecticut, where it is said to have one of the largest trading floors in the world.
Last month, RBS announced the reduction of its investment banking operations and its intention to exit 25 countries across Europe, Asia and the Middle East.
The decision was taken by the bank to refocus on lending in Britain and cut down its capital, which will in turn help it to return some money to shareholders, Reuters reported.
RBS finance director Ewen Stevenson told reporters that around 50% of the jobs at the bank’s trading business in the US employing about 2,000 staff will be cut.
The Royal Bank of Scotland Group’s retail subsidiary RBS, together with NatWest and Ulster Bank, provides banking facilities throughout the UK and Ireland and has around 700 branches.
Image: The Royal Bank of Scotland head office in Istanbul. Photo: courtesy of Reise Reise
