Royal Bank of Scotland (RBS) has slashed 300 hundred jobs after the part-nationalised lender failed to secure a buyer for its capital markets and cash equities businesses.
The group, which is 84% owned by taxpayers, has made the majority of the cuts at its London-based operations, according to a statement emailed to Bloomberg News earlier today.
In the statement, the bank revealed that, "having to cut jobs is the most difficult part of our work to rebuild RBS" adding that "after careful assessment of the various approaches made by interested parties, we have decided to start winding down parts of our EMEA Equity Capital Markets and cash equities businesses, and certain associated activities globally."
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At the end of last month Stephen Hester, the Chief Executive of RBS, said he would not accept his bonus share award. This came just days after the firm announced cuts 3,500 jobs at its investment banking division.
The share price 2.71% to 28.03p by 14:48.
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