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.
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.
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- Nordea Bank AB (NDA) / 2,500 jobs cut is not enough
- Lloyds / To cut 1,080 jobs
- Ulster Bank / To cut up to 1,800 jobs
- Scotland’s Jobs Gap / 110,000 more jobs still needed
- Commerzbank / To cut thousands of jobs worldwide