21st Feb 2014 06:37
LONDON (Alliance News) - Royal Bank of Scotland Group PLC is preparing a dramatic retrenchment that would see it become a much smaller UK retail and commercial bank, a move that is expected to see staff numbers slashed by at least 30,000 in the coming years, the Financial Times reports Friday, citing people familiar with the bank's plans.
The restructuring will form part of a series of cost-cutting measures and disposals led by new Chief Executive Ross McEwan, which are expected to lead to a reduction of about a quarter in the group?s headcount over the next three to five years, the FT says.
RBS, which currently employs 120,000 staff, is expected to refocus on three key groups: retail customers, small businesses and larger corporates, the paper added, quoting the people familiar with its plans.
http://www.ft.com/cms/s/0/e0a6de00-9a51-11e3-8232-00144feab7de.html?ftcamp=crm/email/2014221/nbe/UKBusiness/product&siteedition=uk#axzz2tw5A76N1
By Steve McGrath; [email protected]; @stevemcgrath1
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