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