Up to 10,000 RBS jobs could go claims FT

published 5 January 2012

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.