RBS to cut 400 staff at US arm

Tim Wallace
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RBS PLANS to cut two-thirds of its mortgage trading staff in its US investment banking arm over the next 18 months as it cuts down its non-UK retail banking operations, the bank has confirmed.

Around 400 staff will get the chop, though workers trading in rates, currencies, and credit will be unaffected. The bank also plans to keep its securitisations unit in the US. RBS is selling off its US retail bank Citizens as the group re-focuses on British operations.