RBS Considering Closure of Equities Business
According to Bloomberg, RBS Considering Closure of Equities Business.
Key facts:
options are to sell or shut the division
about 1000 people in the unit
why? to shrink the investment bank
upcoming regulatory change
83% state-owned bank
Investment banking unit employs 19,000
30,000 jobs cut since bailout
2,000 further job cuts announced
final decision has not been made
UK Chancellor of the Exchequer George Osborne:
"Investment banking will continue to support RBS’ corporate lending business,” Osborne said. “RBS will make further significant reductions in the investment bank, scaling back riskier activities that are heavy users of capital or funding.”
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