RBS 'to cut 30,000 jobs' in dramatic restructure

Royal Bank of Scotland (RBS) is to cut 30,000 jobs as it scales back operations to become a more focused bank.

According to the FT, next week RBS will announce plans for a dramatic restructure which will turn it into a much smaller UK retail and commercial bank. The move will see as many as 30,000 jobs axed from its 120,000 workforce over the coming years, the paper reports. The bank, which is 81% owned by the government, is expected to announce its withdrawal from many of its riskier investment banking activities, alongside a plan to offload much of its international business. The restructuring will form part of a brutal series of cost-cutting measures and disposals led by new chief executive...