RBS may cut another 5,000 jobs
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Royal Bank of Scotland may cut another 5,000 jobs as part of a major restructure of its global investment banking division.
The group was set to cut around 2,000 jobs after completing the integration of its deal with ABN Amro in 2008.
However, according to reports, a fall in markets and a weaker outlook in the eurozone may see that number jump to 5,000, according to a source at the firm.
RBS has launched a review into its global banking and markets division and it is expected that chief executive Stephen Hester may cut more of the banks European outposts to focus on the UK and the US. RBS has already cut back its investment banking operation since the credit crisis by withdrawing from 12 countries.
RBS posted a £794m loss earlier this year due to its exposure to the troubled Greek economy. It also had to introduce an £850m provision to cover the compensation for misselling payment protection insurance.
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Readers' comments (3)
Anonymous | 17 Oct 2011 12:06 pm
How many RBS staff lives have been upturned and ruined since the 'banking crisis' started ? Any yet the 'go for it'' targets are everything' culture inside RBS and Nat West is as strong as ever ? This has more to run........
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ned naylor | 17 Oct 2011 1:05 pm
AND the RDR and then the changes with MiFID will just make matters worse, we have had our fees wasted to the tune of millions and only now do we see what is about to become the death knell of the IFA in this country as we know them.
Are we really so stupid in this country and in this industry to let the EU dictate how we conduct business, how we are paid and how we should market services.
It would seem so.
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MOLLY | 17 Oct 2011 1:45 pm
How much 'fat' are these banks (and Insurance Providers) carrying that can shed hundreds of thousands of jobs yet still function?
Whatever the answer is , multiply by at least 10 to get the number in the Public Sector.
In fact, it is Regulation and Compliance and constant government interference which is wrecking these businesses and forcing them to take risks.
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