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Last Thursday, RBS announced new restructuring initiatives which included plans to cut around 3,500 jobs globally in its investment banking division over the next three years.Strategic options under review included the shuttering or sale of its “cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses.”
Today, The Telegraph‘s Harry Wilson ireported that RBS received bids for all of the units up for sale from various buyers. From Wilson’s report:
Interest is understood to come from a range of Asian, US and Australian financial institutions, as well as at least one London-based independent broker.
Bidders have indicated they are willing to buy large parts of RBS’s cash equities business, which is likely to be broken up along geographical lines, with different buyers taking the European, Asian and Australian units.
RBS managers are due to begin meeting with bidders tomorrow and have been given until the end of the month to gauge interest from the potential new owners of each of the businesses.
This brings hope to those bankers who were facing the axe, as a sale is much more promising for jobs than an outright closure of a unit.