FT - RBS could cut 14,000 investment banking jobs

That's 4 out of every 5 positions!

The Financial Times has reported that Britain’s retreat from investment banking is set to accelerate as Royal Bank of Scotland aims to slash as many as 14,000 jobs in the sector and Barclays’ chief executive says he has limited patience with the business.

RBS refused to say how many jobs would be cut out of the 18,000 people who work for its investment bank as part of a drastic restructuring plan — dubbed Project Brown — it announced last week to shrink the business back to its UK roots.

But two people familiar with the matter said RBS had set a target of cutting as many as four out of five jobs in the unit by 2019, while overhauling the back-office systems to automate them.

A large proportion of the jobs RBS will cut are thought likely to be in the US and Asia.

Hit the link below to access the complete Financial Times article:

UK retreat from investment banking gathers pace

Jenkins hails ‘significant progress’ at Barclays

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