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article imageRBS to shrink investment bank and cut 30,000 jobs: sources

    Feb 21, 2014 in Business

LONDON (Reuters) - Royal Bank of Scotland <RBS.L> will make further cuts to its investment banking activities and international operations which, alongside other sale plans, could cut headcount by up to a quarter, sources familiar with the matter said.

New Chief Executive Ross McEwan will unveil the outcome of his strategic review of the business alongside the bank's full-year results next Thursday.

He is expected to say that the bank will focus on lending to British households and businesses, bowing to pressure from lawmakers who want it to focus on domestic lending.

RBS, which currently employs 120,000 staff, is expected to shed between 20,000 and 30,000 jobs as a result of the revamp.

The bank had already announced plans to dispose of it U.S. business Citizens, which will see 18,500 jobs leave the group and a sale of 315 branches renamed Williams & Glynn, that will reduce headcount by 4,500.

(Reporting by Matt Scuffham; Editing by Steve Slater)

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