Up to 10,000 RBS jobs could go claims FT
The Financial Times (FT) is reporting the state owned Royal Bank of Scotland (RBS) could be on the verge of slashing 10,000 jobs from its investment banking division.
The Financial Times (FT) is reporting the state owned Royal Bank of Scotland (RBS) could be on the verge of slashing 10,000 jobs from its investment banking division.
The suggestion comes following government pressure for the bank, which had to be rescued with £45bn of tax payers' money, to reduce its riskier activities.
The sense is that RBS has failed to become a major player in key investment banking activities with the FT highlighting its weakness in equities. RBS's Chief Executive, Stephen Hester, is said to be pondering closing the under-performing parts of the business. This option would see the most jobs cuts.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
A second possibility is a sale to another bank, although exactly who would be interested in a transaction is unclear.
RBS shares were down 1.5% in morning trading. Over the last year the stock has fallen nearly 50%. Since the beginning of 2007 RBS has fallen by 96%.
BS
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Nationwide Building Society launches £175 switching deal – who is eligible?
Nationwide Building Society has launched a new current account switching deal. We look at whether you are eligible, and how to get the free cash.
-
Barclays launches £500 cashback offer for ISAs - but there's a catch. Here's how it works
Barclays is looking to attract savers to its cash ISA range but you need a lot of money to get the full reward