RBS shake-up could put 18,900 jobs at risk

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.

Start your trial of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

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.

S.C.