Monday, April 27th18.7°C
25858

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

24947


Recent Trending




Today's Market
S&P TSX15344.08-64.25
S&P CDNX690.10-7.60
DJIA18037.97-42.17
Nasdaq5060.25-31.84
S&P 5002108.92-8.77
CDN Dollar0.8265-0.0005
Gold1199.90-3.40
Oil56.57-0.42
Lumber255.00-1.20
Natural Gas2.48-0.01

 
Okanagan Companies
Pacific Safety0.08-0.04
Knighthawk0.010.00
QHR Technologies Inc1.40+0.02
Cantex0.035+0.005
Anavex Life Sciences0.395-0.035
Metalex Ventures0.095+0.000
Russel Metals27.05-0.11
Copper Mountain Mining1.25+0.10
Colorado Resources0.10+0.01
ReliaBrand Inc0.004-0.001
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.19-0.01
Decisive Dividend Corporation1.80+0.10

 





FEATURED Property
22387773825 Glen Canyon Drive
3 bedrooms 3 baths
$339,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Buy versus rent

Consider the top five reasons to buy versus rent: #5 Experience Freedom: Home ownership will free you from the ties that bind you to a landlord...no longer will you be dependent on someone else&rsq...


What's your score?

There was a time when we would sit down with nothing more than a sheet of paper and a sharp pencil to do the math. Totalling our expenses and subtracting our revenue, the amount left over was the answ...


Do you dare to dream?

Photo: Thinkstock.comI have never been able to understand why some people can only see as far ahead as the end of the current day. Instead of aiming for long term goals, they just wallow in their ever...

_



25482

25482


Member of BC Press Council


25692