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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 12 January 2012 [View all]
xchrom
(108,903 posts)29. RBS ditches investment bank in fresh jobs cull
http://uk.reuters.com/article/2012/01/12/uk-rbs-idUKTRE80B0D420120112
(Reuters) - Royal Bank of Scotland abandoned ambitions to be a top global investment bank and said it would cut another 4,450 jobs as it bows to pressure from the government to shut down risky operations and prepare for tougher international regulations.
Britain owns 83 percent of Britain's fifth biggest bank after pumping in 46 billion pounds to keep it from going under during the financial crisis and the country's taxpayers are currently sitting on a 24 billion pound loss.
The government has demanded that RBS shrink its investment bank further, despite the bank already halving that part of its business over the last three years.
RBS will now stop trading shares and advising companies on takeovers, both loss-making businesses, in arguably the starkest retreat by a big investment bank as the financial crisis and tough new rules hit profits across the industry.
(Reuters) - Royal Bank of Scotland abandoned ambitions to be a top global investment bank and said it would cut another 4,450 jobs as it bows to pressure from the government to shut down risky operations and prepare for tougher international regulations.
Britain owns 83 percent of Britain's fifth biggest bank after pumping in 46 billion pounds to keep it from going under during the financial crisis and the country's taxpayers are currently sitting on a 24 billion pound loss.
The government has demanded that RBS shrink its investment bank further, despite the bank already halving that part of its business over the last three years.
RBS will now stop trading shares and advising companies on takeovers, both loss-making businesses, in arguably the starkest retreat by a big investment bank as the financial crisis and tough new rules hit profits across the industry.
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