RBS 'to implement up to 4,000 job cuts this week'

10 January 2012

Thousands of professionals working in the Royal Bank of Scotland's (RBS) investment banking division are set to lose their jobs in the coming days.

That is according to a source close to the financier, who has told Reuters the company is preparing to cut between 3,000 and 4,000 positions as part of the planned overhaul of this area of its business.

RBS started a review of its Global Banking and Markets (GBM) arm recently and has decided to scale back such operations as it looks to evolve in the wake of the global economic downturn.

The insider indicated that parts of its GBM business will be merged with the Global Transaction Services sector of its organisation, as this area is seen as safer and more stable.

Recently, a source told Bloomberg that RBS will look to sell off its global cash equities division unless senior officials can find a buyer sooner rather than later.

By Asim Shah