RBS to cut 3,500 jobs worldwide
January 12th, 2012 - 7:37 pm ICT by IANSLondon, Jan 12 (IANS) The Royal Bank of Scotland (RBS) has said it is planning to cut 3,500 jobs across the globe, with most of them to happen this year, a media report said.
The cuts were part of a reorganisation and shrinkage of its investment bank, BBC reported Thursday.
The losses, which will be split between Britain and international offices, come on top of 2,000 job cuts announced earlier.
Its “wholesale banking” business, which provides services to large clients including investment banking services, will be split into separate “markets” and “international banking” divisions.
Around 950 jobs are also to go at Irish subsidiary Ulster Bank. Around 350 jobs would be lost in Northern Ireland and 600 in the Irish Republic.
The bank has already shed some 30,000 employees over the last two years, 22,000 of them in Britain.
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