RBS announced yesterday that it would reorganise its wholesale business and exit and downsize selected existing activities.
Exit and downsize means sell and fire.
Britain’s biggest government-owned bank is cutting 3,500 investment banking jobs across the globe during the next three years, in addition to the approximately 2,000 it slashed in the second half of last year.
The reorganisation will involve the creation of a new wholesale banking division called markets and international banking, formed from the global transaction services GTS and global banking and markets GBM businesses. John Hourican will lead the new group.
International banking will comprise GBM’s...