RBS to shed up to 30,000 jobs, shrink investment banking

LONDON: Royal Bank of Scotland (RBS) plans to shrink its investment banking and international operations in a revamp, which could see the group shed up to a quarter of its 120,000 workforce, sources said on Friday.

RBS, 81% owned by the UK government, could cut its headcount by up to 30,000 as part of the reorganisation, sources said.

The figure includes previously announced plans to sell its US retail business Citizens, which accounts for 18,300 jobs, and a UK retail business, Williams & Glyn, which employs 4,500.

RBS was rescued by a $76-billion government bailout during the 2008 financial crisis.