RBS to cut 3,800 investment banking jobs by end of 2013

 
Tim Wallace
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JOB losses at RBS will be even greater than first expected, the majority-state owned bank said yesterday, telling shareholders that the investment bank will be hit particularly hard by the fresh cuts.

A total of 3,800 jobs in the markets and international banking business will go by the end of next year, up 300 from January’s estimates of 3,500.

Of those, 3000 are expected to have gone by the end of this year.

Those job losses are part of a wider restructuring, which includes the sale of RBS’s UK corporate broking arm to Jefferies, the sale of its Dutch business to ABN Amro and the sale of its Asia- Pacific equities business to Asian investment bank CIMB.

The jobs announcement was part of a presentation by John Hourican, who heads the markets and international banking business, in which he told investors that the restructuring are firmly on track.

The overhaul is part of a longterm plan to sell the bank back into the private sector.

RBS shares fell 1.56 per cent over the day to 271.5p.