RBS 'to slash investment banker numbers'

5 August 2011

Thousands of investment bankers at Royal Bank of Scotland (RBS) could find themselves out of a job over the next year-and-a-half.

Around 2,000 workers are likely to be laid off by the bank in the coming 18 months as the lender finalises its integration of ABN Amro.

Those working in the institute's global banking and markets division could face the axe, although a source with knowledge on the matter told City AM it is not yet clear who or how many might be made redundant.

The news comes amid speculation RBS - which was founded in 1727 - is likely to announce a drop in profits over the first half of 2011, with some suggesting a slide back into the red could be on the cards.

RBS would become the latest in a line of big banks to announce job cuts, as Credit Suisse, Barclays, HSBC and Goldman Sachs are all likely to reduce staffing levels.

By Gary Cooper

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