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RBS increases jobs cuts at its investment unit to 3,800

The Royal Bank of Scotland (RBS) has revealed that job cuts at its investment banking business, scheduled to take place by the end of 2013, has been increased by 300, bringing the total planned to 3,800.

The Edinburgh-based bank, 82% owned by the UK government after a bailout following the 2008 financial crisis, had earlier said that it would slash around 3,500 jobs in its investment banking unit.

As the bank prepares for the upcoming international regulations, it is scheduled to axe a total of 3,000 by the end of 2012, in addition to already executed 34,000 job cuts since 2008, as reported by Reuters.

RBS markets and international banking business head is also likely to brief investors about draw down plans from loss-making cash equities and health of corporate broking, equity capital markets and mergers and acquisitions businesses.

According to a research report, eurozone crisis and stringent banking regulations will result in cuts equal to approximately 15% of the 500,000 jobs in investment banking globally.