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NEW YORK CITY-London-based Royal Bank of Scotland is upping its original amount of projected job reductions following further changes to its corporate restructuring program. An RBS spokesperson confirms to GlobeSt.com that the bank anticipates that the company will cut closer to 3,800 jobs across its markets and international banking business divisions by year’s end, about 300 more than it planned in January (3,500).
The news builds upon the bank’s previous decision to change its wholesale banking operations in light of the economic downturn and regulatory environment. Earlier in the year, RBS unveiled it will be reorganizing its wholesale business into markets and international banking and exit and downsize of selected existing activities in light of a review at the end of Q3 2011. The company, as a result, strengthened its focus on fixed income, foreign exchange, debt financing, transactions services and risk management.
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Stephen Hester, group chief executive at RBS, previously stated that the bank would narrow its focus on cornerstone products and services for the global economy that work in “any” economic environment. After launching the RBS recovery plan in 2009 and reducing the company balance sheet by some