Summary Box: RBS to cut 3,500 investment bank jobs

AP News
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Posted: Jan 12, 2012 10:54 AM
Summary Box: RBS to cut 3,500 investment bank jobs

JOB CUTS: Royal Bank of Scotland announced Thursday it would cut 3,500 jobs in a reorganization and rebranding of its investment banking arm as the lender reins in its ambitions to be a global financial player.

THE DIVISION: The cuts, which are to be phased in over three years, will largely affect employees in Global Banking and Markets, which had offered advice on mergers and acquisitions. The division has 18,900 employees overall.

LOWERING SIGHTS: The taxpayer-backed bank has been under pressure from the British government to pull back from its expansion goals.