Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRBS.L Share News (RBS)

  • There is currently no data for RBS

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

RBS to cut around a quarter of U.S. jobs-sources

Wed, 24th Jun 2020 10:38

By Sumeet Chatterjee and Sinead Cruise

LONDON/HONG KONG, June 24 (Reuters) - Royal Bank of Scotland
has begun a major restructuring in its overseas
investment banking operations, cutting almost a quarter of
full-time staff in the United States, two sources with knowledge
of the plan told Reuters.

The taxpayer-backed lender is looking to cut between 80-90
jobs at its U.S. head office in Stamford, Connecticut, following
consultation with various employee unions and representatives,
one of the sources said.

The second source said the layoffs in the United States,
where it employs 400 people, were the first in a broader plan to
cut between 20-30% of NatWest Markets' non-UK workforce, with an
undisclosed number of redundancies also being considered across
Asia.

At least eight bankers based in Singapore were laid off on
Wednesday, the second source said, with redundancies in Hong
Kong also seen likely.

"In line with the multi-year process announced in February,
we continue to progress our plan to refocus NatWest Markets on
activities which directly support the bank's core customers and
on areas where we will have a more stable and consistent revenue
stream," a spokeswoman for NatWest Markets said.

"These are always difficult decisions, but we intend to make
NWM a more sustainable business and will be supporting our
colleagues through this process," she added.

The roles affected include economists, rates traders and
credit traders, one of the sources said.

Earlier this month, RBS named Robert Begbie as chief
executive of NatWest Markets, confirming a role he had held on
an interim basis since December.

Begbie faces a tough task to revive RBS's investment banking
operations, where returns and market share have underwhelmed
investors, prompting some to call for a cull of the business.
(Editing by Carolyn Cohn)

More News
2 Apr 2020 09:43

UK BROKER RATINGS SUMMARY: Jefferies Raises Raft Of Property Investors

UK BROKER RATINGS SUMMARY: Jefferies Raises Raft Of Property Investors

Read more
2 Apr 2020 07:44

FCA to freeze consumer loan payments in emergency measures

(Sharecast News) - The Financial Conduct Authority has asked lenders to introduce loan payment freezes and interest-free overdrafts to support consumers whose finances have been hit by the Covid-19 crisis.

Read more
2 Apr 2020 07:28

Britain says Basel bank rule delay will aid response to coronavirus

LONDON, April 2 (Reuters) - Delaying remaining elements of new global bank capital rules for a year will give lenders in Britain time to focus on dealing with fallout from the coronavirus epidemic, the Bank of England and Britain's finance minist...

Read more
2 Apr 2020 07:24

Britain's FCA proposes temporary financial relief for customers

LONDON, April 2 (Reuters) - The Financial Conduct Authority on Thursday proposed a range of new measures to support households facing sudden financial hardship as result of the coronavirus, including three-month payment freezes on loans and credi...

Read more
1 Apr 2020 18:54

UPDATE 1-Some UK finance firms mis-using 'key worker' status -union

* Some employers still yet to dial down to minimal staffing-union* Only a limited number of people should be "key workers"-watchdog* Banks stepping up protections in call centres, branches* Some staffers ditching home-working by choice (Adds banki...

Read more
1 Apr 2020 17:37

Some UK finance firms mis-using 'key worker' status - union

* Some employers still yet to dial down to minimal staffing-union* Only a limited number of people shld be "key workers"-watchdog* Banks stepping up protections in call centres, branches* Some staffers ditching home-working by choiceBy Sinead Cruis...

Read more
1 Apr 2020 17:07

LONDON MARKET CLOSE: Stocks Drop As UK Coronavirus Death Toll Rises

LONDON MARKET CLOSE: Stocks Drop As UK Coronavirus Death Toll Rises

Read more
1 Apr 2020 17:02

LIVE MARKETS-European shares kick off quarter in negative territory

* UK banks scrap dividends on regulators' call* European shares tumble: STOXX -3%* Euro zone factory activity crashes in March Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You can...

Read more
1 Apr 2020 14:17

LIVE MARKETS-How are construction exposed shares coping with Covid-19?

* UK banks scrap dividends on regulators' call* European shares tumble: STOXX -3.2%* Euro zone factory activity crashes in March Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You c...

Read more
1 Apr 2020 11:58

LONDON MARKET MIDDAY: Stocks Slide As Virus Slams Europe Manufacturing

LONDON MARKET MIDDAY: Stocks Slide As Virus Slams Europe Manufacturing

Read more
1 Apr 2020 10:56

UK WINNERS & LOSERS SUMMARY: UK Banks Fall 5%-9% After Halting Returns

UK WINNERS & LOSERS SUMMARY: UK Banks Fall 5%-9% After Halting Returns

Read more
1 Apr 2020 10:23

UPDATE 2-FTSE 100 slides on weak factory data, bank dividend halt

(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 down 3.8%, FTSE 250 falls 3.7%* Major UK lenders drag down FTSE 100* Glencore lower after delaying dividend payout* Auto Trader issues new shares to shore up cash (U...

Read more
1 Apr 2020 08:57

UPDATE 2-Virus seen halving profits, dividends in Europe - analysts

* Barclays and Citi warn of impact on profits, dividends* Q2 earnings seen falling 21.9% - Refinitiv* Euro zone manufacturing activity collapses* UK banks scrap dividends for 2020, halt 2019 payouts (Adds quotes, background)By Julien Ponthus and Thy...

Read more
1 Apr 2020 08:42

LONDON MARKET OPEN: FTSE 100 Plummets At Open With UK Banks Falling

LONDON MARKET OPEN: FTSE 100 Plummets At Open With UK Banks Falling

Read more
1 Apr 2020 08:10

UPDATE: Major UK Banks Confirm Halting Of Shareholder Returns

UPDATE: Major UK Banks Confirm Halting Of Shareholder Returns

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.