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RBS plans 2,000 job cuts from investment banking

The Royal Bank of Scotland (RBS) is planning to slash up to 2,000 jobs from its investment banking unit in a bid to deliver more profits.

The Financial times has reported that the cuts form part of the RBS’ ‘Change the Bank’ initiative, which is aimed at reducing inefficiencies across the business.

RBS’ global banking and investment division head John Hourican said the bank was focused on establishing a leaner and more focused business as it continues its integration of ABN Amro into the business.

Financial Times quoted Hourican as saying: "The thing about the ABN Amro deal was it was a massive, bold undertaking at exactly the wrong time."

RBS has reduced its client base from 26,000 to 5,000 during the financial crisis and scrapped operations in 12 countries since it secured the ABN Amro takeover for EUR71bn in October 2007.

The job cuts follow similar slashes from Goldman Sachs and HSBC.