RBS to cut 14,000 investment banking jobs
RBS plans to cut up to 14,000 investment banking jobs by 2019, equating to 80% of roles in the unit, as part of a restructure following a profit loss of £3.5bn in 2014.
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The losses were largely as a result of a £4bn writedown on the sale of its US business and tax charges.
The cuts, reported by Financial Times, will take place predominantly in the US and Asia as the bank aims to focus on the UK market.
CEO Ross McEwan commented last week that "there will be substantial job losses", but would not discuss the extent of the job cuts planned.
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