The Financial Times and the Daily Telegraph reported Friday that Royal Bank of Scotland would soon announce job cuts of between 20,000 and 30,000. They assumed the lender – owned 80 percent by the taxpayer – would inform the public about its plans while presenting an earnings report next week.
Royal Bank of Scotland (Photo credit: Wikipedia)
The media reports suggested the layoffs would be a result of RBS plans to withdraw from many of its investment banking activities and much of its international business, particularly in Asia.
They added such a drastic reduction of the workforce would dovetail with the strategy of CEO Ross McEwan who had been seeking to revive the fortunes of the partly nationalized lender after being granted a 45-billion-pound ($75-billion, 54.7-billion-euro) government rescue in 2008.
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“My aspiration is not to run the world’s biggest bank, but to run the best bank in the UK,” McEwan said in a video message posted on the RBS website.
via Royal Bank of Scotland to cut workforce by a quarter, reports say | Business | DW.DE | 21.02.2014.
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