RBS plans to cut investment banking costs by around $3bn

Axe In Wood

Royal Bank of Scotland has said it plans to cut costs by about $3bn at its investment bank over the next three years as part of CEO Ross McEwan’s plans to shrinks the unit.

Bloomberg News reports that the corporate and institutional banking division will target an annual cost base of between $1.06bn and $1.22bn in 2019, down from $5.5bn at the end of 2014, according to slides published on the bank’s website on Thursday.

RBS cut costs by about $761m this year and targets a further $3bn of savings through country exits and IT upgrades. It will also shift around $456.8m of costs to the commercial banking division.

To access the complete Bloomberg News article hit the link below:

RBS Plans to Cut $3 Billion in Costs at Investment Bank by 2019

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