Britain - Grim day for RBS bank workers

Published on Jan 12, 2012 by Euronews

http://www.euronews.net/ Royal Bank of Scotland is to cut 3,500 jobs in its investment banking section and sell or close divisions dealing with shares and mergers and acquisitions.

It also plans to lay off 950 people at its troubled Irish unit Ulster Bank -- 600 in the Republic of Ireland and 350 in Northern Ireland.

RBS, which is 83 percent owned by the UK government following bailouts, plans to reduce risk and focus more on domestic retail and corporate banking

 

Markets obviously approve

RBS.L

10:43 GMT

24.48

1.48