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.
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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.
S.C.
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