RBS to cut headcount by tens of thousands in major revamp

|By:, SA News Editor

Royal Bank of Scotland (RBS) is reportedly planning to shed 20,000-30,000 jobs out of a total of 120,000 as part of an overhaul in which it would focus on U.K. retail and commercial lending, and further cut its investment-banking and international operations.

Much of the headcount reduction will come from the divestment of assets, with the sale of the RBS's U.S. business Citizens accounting for 18,500 positions and the IPO of 315 branches - renamed Williams & Glynn - 4,500.

New RBS CEO Ross McEwan is set to unveil the restructure along with the bank's FY results on Thursday next week.