Royal Bank of Scotland could shut down more than half of its Global Banking and Markets (GBM) division in an operation that may offload stockbroking business Hoare Govett before a complete closure of its equity business.
The Telegraph reports that it may hold on to foreign exchange trading and swaps.
The newspaper has learned that the bank's board discussed restructuring options and is being advised by McKinsey. In fact, 18,900 employees at GBM were already warned of the possibility of large-scale layoffs.
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The restructure could cut GBM's balance sheet from €450bn to €200bn.
By 10:55 in London, RBS shares were trading flat at 20.002p.
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