Friday, March 6th3.0°C
25407
23715

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

24896


Recent Trending




Today's Market
S&P TSX14952.50-150.61
S&P CDNX688.79-8.13
DJIA17856.78-278.94
Nasdaq4927.371-55.439
S&P 5002071.26-29.78
CDN Dollar0.7921-0.0089
Gold1163.70-32.2001
Oil51.61-0.94
Lumber282.70-4.30
Natural Gas2.849+0.008

 
Okanagan Companies
Pacific Safety0.125-0.005
Knighthawk0.010.00
QHR Technologies Inc1.55-0.10
Cantex0.035-0.005
Anavex Life Sciences0.18-0.004
Metalex Ventures0.0450.00
Russel Metals24.21-0.06
Copper Mountain Mining1.19-0.05
Colorado Resources0.14+0.01
ReliaBrand Inc0.0065-0.0015
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.22-0.005

 



24896

FEATURED Property
2197657240 Mugford Road
4 bedrooms 2 baths
$359,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


How to price: Step Four

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The purpose of the book was to make available to the owners of small companies, pricing techniques used by sophist...


Refinance your mortgage?

Canadian Mortgage rates are low and could be dropping down in time for the spring market following a drop in the Bank of Canada Rate on January 21 by 1/4% which will save new buyers and those with mo...


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...

_








Member of BC Press Council


25107