RBS axes 2,000 jobs in shake up of investment bank

LONDON Thu Jun 13, 2013 5:56am EDT

Pedestrians walk past a Royal Bank of Scotland (RBS) branch in the City of London March 6, 2013. REUTERS/Toby Melville

Pedestrians walk past a Royal Bank of Scotland (RBS) branch in the City of London March 6, 2013.

Credit: Reuters/Toby Melville

LONDON (Reuters) - Royal Bank of Scotland (RBS.L) said on Thursday it would cut jobs in a restructuring of its investment bank, which a source familiar with the matter said would see about 2,000 jobs go.

The part-nationalized British lender said it would focus its markets division on its core fixed income products and would exit all structured retail investor products and equity derivatives.

RBS said on Thursday its chief executive Stephen Hester would leave the bank by the end of the year.

(Reporting by Matt Scuffham; Editing by Steve Slater)

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