RBS to cut jobs to reduce costs

ROYAL Bank of Scotland is expected to announce job cuts next month as part of plans to reduce its cost base.

Chief executive Ross McEwan, who took the helm last October, said he wanted to cut the group’s cost base, reducing its cost to income percentage target to the mid 50s from its current 65 per cent level.

The cost-cutting plan has been dubbed “Project Cook” internally.

A source close to the bank said the outcome was likely to be announced at the bank’s annual results in February. Sky first reported the news.