RBS to cut UK trad­ing-sup­port roles as it adds in In­dia

The Pak Banker - - FRONT PAGE -

Royal Bank of Scot­land Group Plc, Bri­tain's largest govern­ment-owned len­der, will elim­i­nate 448 U.K. trad­ing-sup­port roles at its in­vest­ment bank and move some func­tions to In­dia to help cut costs at the divi­sion, a per­son with knowl­edge of the mat­ter said. The job re­duc­tions com­mu­ni­cated to staff Tues­day will come from trans­ac­tion man­age­ment and op­er­a­tions, as well as some tech­nol­ogy func­tions, said the per­son who asked not to be iden­ti­fied be­cause the de­tails are pri­vate. About 300 roles will be set up in In­dia to re­place the U.K.-based po­si­tions, the per­son added.

Chief Ex­ec­u­tive Of­fi­cer Ross McEwan, 58, is tak­ing an ax to the Ed­in­burgh-based len­der's cor­po­rate and in­sti­tu­tional bank­ing unit, ex­it­ing 25 coun­tries around the world to fo­cus on con­sumer and com­mer­cial lend­ing in the U.K. and Ire­land. He's seek­ing to cut an­nual costs at the divi­sion to about 800 mil­lion pounds ($1.1 bil­lion) by 2019 from 2.4 bil­lion pounds last year while main­tain­ing rev­enue to boost prof­itabil­ity.

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