RBS to axe another 300 jobs
Royal Bank of Scotland has increased its target for job cuts at its investment banking business to 3,800 by the end of 2013, 300 more than previously anticipated.
RBS has abandoned ambitions to be a top global investment bank, bowing to government pressure to exit riskier operations and prepare for tougher international regulations.
The bank, 82 per cent owned by the Government after being rescued during the 2008 credit crisis, said in January it would cut 3,500 jobs in its investment banking division. Of that, 3,000 will go by the end of this year. Chief executive Stephen Hester had already axed 34,000 jobs since arriving at RBS in 2008.