RBS to cut up to 14,000 jobs within investment bank

Royal Bank of Scotland is to cut as many as 14,000 investment banking jobs over the next five years as it scales back its US and Asian arms, according to reports.

The bank currently employs 18,000 staff within its investment bank, but a restructuring plan announced last week could see as many as four in five roles go by 2019, according to the FT. The paper reported that a "large proportion" of the jobs RBS will cut will be in the US and Asia, as the bank seeks to return to its UK roots. Unnamed sources also suggested to the paper that RBS would seek to automate back-office systems in order to reduce costs. The bank is reducing risk-weighted assets within its investment banking division by two thirds as well as exiting 25 of the 38 countries...