RBS to cut over 1,000 Jobs at U.S. trading unit

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The job losses are part of a wider plan for the investment bank.

Bloomberg News reports that Royal Bank of Scotland plans to eliminate more than 1,000 jobs at its U.S. trading division as part of a global overhaul of the investment bank, Chief Financial Officer Ewen Stevenson said.

Stevenson told reporters on Thursday that the bank plans to cut more than half the jobs at the unit, employing about 2,000 people, with most of the operations in Stamford, Connecticut. The job losses are part of a wider plan for the investment bank to focus on 13 countries instead of 38.

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RBS to Cut More Than 1,000 Jobs at U.S. Trading Unit, CFO Says

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