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Report: 5,000 RBS jobs under threat

Some 5,000 jobs at the Royal Bank of Scotland (RBS) could be under threat if plans to revamp its investment banking department get the green light.

That is according to a report published in the Sunday Times, which revealed the taxpayer-backed financier has already put together preliminary blueprints that would see this area of its business undergo major changes.

Apparently, bosses at RBS have become increasingly concerned with the poor performance of its Global Banking and Markets arm in recent times as the impact of continuing financial pressures takes its toll.

Under draft proposals compiled by decision makers at the firm, its European centres would be removed from its investment operations so efforts can be focused solely on happenings in the UK and the US.

This means thousands of jobs could be lost across the continent, it was added.

Last week, Fitch lowered RBS's credit rating from AA-minus to A amid worries about its prospects.

By Tony Aynsley