RBS to review its presence in Asia

The British bank will restructure both its global banking and markets division and the majority of its global operations. It confirms further layoffs will follow.

In connection with its 2008 earnings release, the Royal Bank of Scotland yesterday announced a restructuring that will see it review its position in 36 of the 54 countries in which it currently does business and significantly reduce its presence in Asia. The global banking and markets GBM division will also be restructured and further layoffs will be announced.

On a total income of 26.9 billion $38.4 billion for the year, down 20% over 2007, RBS posted a loss of 8 billion before the write-down of goodwill and 24 billion after write-downs. The financial numbers announced by RBS had already been digested by the market in the month that has elapsed since January 19...

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