Royal Bank of Scotland (RBS) is, reportedly, planning a fresh round of job cuts in an effort to reduce its cost base.
As part of Project Cook, the development is likely to be revealed by RBS CEO Ross McEwan at its annual results presentation in February 2014, reported Sky News.
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McEwan said he wanted to cut the group’s cost base, reducing its cost to income percentage target to the mid 50s from its current 65% level.
People close to Project Cook told the website that McEwan would further shrink RBS’s markets and international banking operations, as well as setting out plans for greater automation of high street banking services.
A source said the aim of the bank is to put more capital and resource into areas where they generate income, and that will be one focus of the review next month.
Since 2008, when RBS had a workforce of 161,000 employees, more than 40,000 employees have left RBS either through redundancy or as a result of sale of some businesses by former RBS CEO Stephen Hester.
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