La Royal Bank of Scotland is going to lay off around 3.500 employees in the investment banking sector. Not only that: the institute has also announced its intention to sell or close – as part of a three-year plan – the equity and consultancy activities. The goal is to further reduce risks and focus on retail and corporate banking.
Also planned is the exit from cash equities, corporate broking, equity capital markets and M&A activities to reduce the balance sheet of international and market activities by 120 billion pounds, down to 300 billion, again in the coming three years. The Bank is 83% owned by the UK government.
