Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

RBS eyes £30bn cuts to investment business

RBS eyes £30bn cuts to investment business

Royal Bank of Scotland (RBS) is planning to reduce the size of its investment bank by up to £30 billion and cut hundreds more jobs, according to The Sunday Telegraph.

Through asset sales it is expected to reduce the size of the investment bank’s balance sheet by between £20 billion and £30 billion, or up to 10% of its total assets, according to the paper.

It said RBS would also transfer billions of pounds of capital support from the division to other areas of its business such as UK retail and commercial banking.

Job cuts are expected to be made in the investment bank’s administration and IT support division.

RBS has already cut its investment banking balance sheet from £500 billion in 2008 to £300 billion, and axed 5,000 jobs, bringing total staff numbers in the division to around 11,000.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Wealth Manager on Twitter