Royal Bank of Scotland (RBS) is to cut some 300 more jobs than originally planned in its investment banking division, it has emerged.
During a presentation delivered to investors yesterday evening (24 September), head of markets and international banking at the financier John Hourican revealed the company has increased its target for redundancies in this area to 3,800.
These cuts are scheduled to be made by the end of next year and form part of the organization's attempts to stabilize its balance sheet in the wake of the global economic downturn.
RBS was hit particularly hard by the slump in the banking industry and is subsequently 82-per cent owned by the state after it received a UK taxpayer-funded bailout in 2008.
Mr Hourican added that the bank is on course to deliver its goals in terms of exiting loss-making areas such as loss-making cash equities, corporate broking and equity capital markets, Reuters reported.
By Asim Shah