RBS to slash up to 30,000 jobs

21st Feb 2014 07:47

Royal Bank of Scotland is reportedly set to announce plans to slash as many as 30,000 jobs, reducing its staff count to the lowest levels in more than 10 years. It has also been widely speculated that it will unveil plans to part from its US investment banking business and some parts of its Asian arm. The anticipated move comes as the banking group battles to return to profit and increase capital. Details of the plan, known internally as "Project Cook", have been kept a secret from many of even the company's most senior managers. According to Sky News, the announcement will be made on February 27th and will include a change of roles for Corporate Banking Chief Executive, Chris Sullivan. The proposals will be unveiled by Chief Executive Ross McEwan, who took over from Stephen Hester, who stood down in September. NR