Report - RBS To Announce 2,000 Investment Banking Job Losses

Red Warning Light

Perhaps as early as today.

Sky News reports that Royal Bank of Scotland (RBS) will cut up to 2,000 jobs in its investment bank, just a day after CEO Stephen Hester stunned the City by announcing his departure.

Sky has learned that RBS will inform staff in its markets division that the roles will be axed as part of its ongoing restructuring, taking to nearly 40,000 the number of jobs that RBS has slashed since it was bailed out by UK taxpayers.

Details of the job cuts were still being finalised on Wednesday night and the exact number of redundancies could yet vary.

A decision to axe 2,000 jobs in its investment banking arm would reduce the division's headcount by just under 20%, broadly in line with the shrinkage in the risk-weighted assets which it holds.

Some of the cuts will fall at RBS's markets operations in London although many will take place in Asia and its other international operations.

Hit the link below to access the complete Sky News article:

RBS To Unveil 2,000 Investment Bank Job Cuts

RBS Boss Stephen Hester To Step Down

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