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RBS to cut down investment banking biz

RBS is expected to announce its withdrawal from many investment banking activities as well as much of its international business in a move that is expected to reduce staff numbers by at least 30,000 over the next three to five years. According to news reports the restructuring will be a part of a range of cost-cutting measures and disposals adopted by Ross McEwan, the bank’s new chief executive who is looking to revive the fortunes of the partly nationalized lender which was the subject of a 45 billion pound ($75 billion) government rescue in 2008. The bank is 82% owned by the British government. According to sources, the bank is expected to refocus on three groups that include retail customers, small businesses and larger companies. RBS had earlier said it had disposed off its structured retail investor products and equity derivatives businesses to France’s BNP Paribas to downsize its investment banking operations.

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