Royal Bank of Scotland, a government-owned banking giant in the UK, plans to cut over 3,500 job cuts over the next three years, as part of a business reorganization and shrinkage of its investment banking operations. Further the banking major also plans to reorganize its wholesale businesses into "markets" and "International banking", besides closure and downsizing of some other select activities. The bank would exit from cash equities, corporate broking, equity capital markets, and mergers and acquisitions businesses.
The bank will c0ontinue to cater to corporate and institutional clients globally and its marketing division would focus on its existing strengths in fixed income, foreign exchange, debt financing, transactions services and risk management solutions. With these measure the banks seeks to be more focused for customers, more conservatively funded, more efficient and with better, more stable returns for shareholders overall.
Source: The Financial Express