It's time to keep your head down.
The Wall Street Journal reports that Royal Bank of Scotland, which is making cuts to its investment banking business, is preparing to make 60 staff redundant from its credit division, according to headhunters familiar with the plans.
Headcount across the bank’s credit sales, trading and research workforce in Asia and London will fall from 147 to about 87, according to four City of London headhunters.
In the meantime, Bloomberg reports that members of the U.K. Parliamentary Commission on Banking Standards have not yet reached a consensus on whether RBS should be broken up, three people familiar with the discussions said.
The people said lawmakers are considering the contents of a draft report before meeting next week to agree on conclusions. The future of RBS will be part of those talks, two of them said. They asked not to be identified because the draft is private.
The British Broadcasting Corp. reported Tuesday that the commission’s draft calls for RBS to be split into a so-called good bank and a bad bank. Another person familiar with the contents said that while RBS is likely to form part of the final report, it will not necessarily be a major thread, as the commission has examined culture and practices at all banks.
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