Royal Bank of Scotland (RBS) is, reportedly, set to cut more than 20,000 jobs in the years ahead, as part of CEO Ross McEwan’s strategy to return RBS to profitability while lowering operational cost.
The cut jobs, which are expected to be revealed by 27 February 2014, will include elimination of nearly 11,000 staff at its investment bank, while certain jobs at central functions including finance, risk and accounting will also be slashed, according to media reports.
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RBS is also set to divest Citizens, its US retail and commercial bank, which may result in 18,500 layoffs.
After the proposed job cuts, which will be implemented over the coming years, RBS’ UK retail and commercial banking footprint is expected to shrink significantly.
The 81% UK government owned bank is also likely to reveal its exit from many of its riskier investment banking activities including Connecticut-based US investment banking business, and closure of major parts of its remaining Asian investment bank.
After the job cuts and business closures, RBS 120,000 staff will be reduced to 100,000.
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