Friday, October 9th15.0°C

Reports: Royal Bank of Scotland to cut as many as 30,000 jobs as it shrinks investment banking

LONDON - U.K. media are reporting that taxpayer-backed Royal Bank of Scotland is set to cut up to one quarter of its workforce amid massive restructuring.

The Financial Times and Daily Telegraph newspapers are reporting Friday that cuts of between 20,000 and 30,000 jobs will be announced next week when the bank, which is 80 per cent owned by the taxpayer, releases its results.

The reports say the bank will further shrink its investment banking operations and leave overseas businesses in Asia.

Shore Capital Stockbrokers analyst Gary Greenwood says this would make it possible for RBS to become much for focused on U.K. operations and allow investment in new technology.

"Such a strategy is likely to result in a smaller but more efficient, higher return and less risky bank," he said.

The Canadian Press

Read more Business News

Recent Trending

Today's Market
S&P TSX13964.36-14.30
S&P CDNX552.26+5.20
S&P 5002014.89+1.46
CDN Dollar0.7723-0.0001
Natural Gas2.52+0.02

Okanagan Companies
Pacific Safety0.225-0.005
QHR Technologies Inc1.25+0.02
Metalex Ventures0.07+0.02
Russel Metals21.26-0.29
Copper Mountain Mining0.66+0.05
Colorado Resources0.07+0.00
ReliaBrand Inc0.0175+0.0009
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.075-0.005
Decisive Dividend Corp3.25+0.14
Diamcor Mining0.97+0.03



2446021#402-2070 Boucherie Road
2 bedrooms 3 baths
more details
Click here to feature your property
Please wait... loading

Income for life?

Photo: Thinkstock.comIn almost every conversation I have with clients these days, the topic swings to interest rates. What direction they’re going, how long will they stay where they are and how...

Perfect (reno'd) home

Photo: Thinkstock.comHow many times have you found a home in the perfect location, but it needs too much work as per the home inspection? There is a great program available through most lenders that w...

5 Claim misconceptions

Photo: Thinkstock.comIf you have been hurt in an accident or as a result of medical negligence you will likely look to your friends and family for some advice on how to deal with the situation. These ...



Member of BC Press Council