LAYOFFS WATCH: RBS Plans To Eliminate 3,500 Jobs Globally


The Royal Bank of Scotland said it will axe around 3,500 jobs globally in its investment banking division over the next three years.

RBS, which the British government owns an 83% stake after the firm received the largest bank bailout in the world in 2008, said these cuts will be in addition to the approximately 2,000 reduction in staff announced back in 2011.

The Edinburgh, Scotland-based bank said it is considering a sale or closure of its cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses which had income of £220 million in the nine months to September 2011 and are currently unprofitable, according to the release.

The bank plans to shift its focus on more its more profitable businesses such as fixed income, foreign exchange, debt financing, transactions services and risk management solutions.

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