RBS to cut 3,500 investment banking jobs

City A.M. Reporter
Part-nationalised Royal Bank of Scotland is to cut about 3,500 jobs as it sells and shrinks parts of its investment bank over a three-year plan to further reduce risk.

RBS, 83 per cent owned by the government, said it will exit from cash equities, corporate broking, equity capital markets and mergers and acquisitions businesses.

It aims to cut the balance sheet of its former global banking and markets business by £120bn to £300bn in the next three years under the plan.