Royal Bank of Scotland CEO Ross McEwan said the restructuring of the investment bank is 'very well advanced' and it will return to profit within four years, as he continues to shrink the division’s global operations to focus on U.K. and western European clients.
'The work in the corporate and institutional bank primarily will be finished by the end of this year', McEwan, 58, told Bloomberg Television’s Manus Cranny in an interview in London on Friday, when ruling out a full disposal of the unit. 'Why would we give up great strategic positions where we are some of the biggest players of these market places, where we can make money? We’ll show that over the next three to four years'.
Bloomberg News reports that European investment banks are undertaking some of the deepest overhauls since the financial crisis to bolster earnings hurt by stricter capital rules, rising costs tied to misconduct and less profitable debt trading.
Since taking over two years ago, McEwan has eliminated thousands of jobs, exited countries around the globe and sold assets.
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