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RBS cutting investment banking jobs

Royal Bank of Scotland is said to be cutting many as 14,000 jobs in its investment banking units across theUS and Asia, according to news reports. Of the total 18,000 people who work for the investment banking unit, the bank is said to be intending to cut four of every five positions by 2019. The bank is in the process of overhauling the back-office systems to automate them. RBS had said it will shrink its investment banking operations from 25 countries in Europe, Asia and the Middle East. This will mean the bank will have international locations in about 13 countries only. The bank is also selling its North American loans business to Japan-based Mizuho Financial Group for roughly $3 billion.

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