RBS could cut 30,000 jobs

Royal Bank of Scotland is to shrink its investment banking and international operations as part of a revamp in which the group could shed up to a quarter of its 120,000 workforce, sources familiar with the matter said on Friday.

The part-nationalised bank has given in to demands from politicians that it focuses on lending to British households and businesses and maintains only a downsized investment banking business to service corporate clients, one source said.

Ross McEwan, who replaced Stephen Hester as CEO last October, will unveil the outcome of a strategic review of the business alongside the bank's full-year results on Thursday.

Shares in RBS — 81 per cent-owned by the government after a 45-billion-pound bailout in 2008 — were up 2 per cent by 1300 GMT, outperforming a flat European banking sector.
Numis analyst Mike Trippitt said the plans were a positive development subject to restructuring costs and the impact on the bank's capital position.

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