LONDON Aug 3 Royal Bank of Scotland (RBS.L)
plans to shed as many as 2,000 jobs from its investment banking
unit, the Financial Times reported on Thursday.
The newspaper cited John Hourican, head of RBS's global
banking and markets division, as saying a smaller, more focused
business would deliver more stable profits.
An RBS spokesman told Reuters that Chief Executive Stephen
Hester had already made clear that the bank would cut more
jobs, including at its global banking and markets (GBM)
investment bank arm, but that the bulk of its cuts had already
The spokesman declined to say if a specific number of cuts
RBS, like other banking groups with sizable investment
banks, is reshaping its business in response to sluggish
markets and tighter regulation.
RBS has cut 27,500 jobs since the financial crisis,
including thousands in its global banking and markets unit. It
has scaled back its investment banking business, reducing its
client base to 5,000 from 26,000 before the financial crisis
and exiting 12 countries.
Other banks are also shedding jobs. On Monday, HSBC
(HSBA.L) said it would cut 30,000 jobs [ID:nL3E7J11E] and on
Tuesday Rand Barclays (BARC.L) said it would cut about 3,000
jobs this year. [ID:nL6E7J205M] [ID:nL6E7J11KC]
(Reporting by Stephen Mangan and Steven Slater)