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UK's RBS announces job cuts

01-13-2012 08:12 BJT

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The UK's Royal Bank of Scotland will fire over 3 thousand from its investment banking department - a result of increasing pressure to refocus the business and reduce risk.

The Royal Bank of Scotland is the latest European lender to announce major job losses.

The majority state-owned bank is to axe 3 and a half thousand jobs from its investment banking arm.

It aims to save up to 300 billion pounds over the next 3 years by shutting or selling its equities and advisory business.

The bank says it wants to focus on its retail clients and improve profitability.

It’s been under increasing pressure from Britain’s finance minister to shrink the business and reduce its risk.

It’s also under fire for potential multi-million pound bonus payouts.

The Financial Times reported on Monday that John Hourican, the head of RBS’ investment bank, could receive a £4 million bonus in April.

The latest cuts come on top of 2,000 lay-offs announced last year.

And the bank is axing 950 jobs at Ulster Bank - its troubled Irish lender.

Unions estimate that RBS has now cut 22,000 jobs in Britain since 2008.

Over the last two years banks worldwide have announced 133 thousand job losses.

RBS shares rose almost 9 percent after the announcement to a two-month high.


Editor:Zhang Rui |Source: CNTV.CN

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