RBS to reduce headcount by up to a quarter in revamp: Sources
LONDON (REUTERS) - Royal Bank of Scotland will make further cuts to its investment banking activities and international operations which, alongside other sale plans, could cut headcount by up to a quarter, sources familiar with the matter said.
New Chief Executive Ross McEwan will unveil the outcome of his strategic review of the business alongside the bank's full-year results next Thursday.
He is expected to say that the bank will focus on lending to British households and businesses, bowing to pressure from lawmakers who want it to focus on domestic lending.
RBS, which currently employs 120,000 staff, is expected to shed between 20,000 and 30,000 jobs as a result of the revamp.