In These New Times

A new paradigm for a post-imperial world

RBS plans cuts to investment bank in push to stem losses

Posted by seumasach on February 24, 2013

The bankrupt banks continue to be a drain on the UK economy- bailout time is approaching. Any further bailout, overt or covert, must be resisted and the only other alternative, bankruptcy proceedings effected

Telegraph

24th February, 2013

The Royal Bank of Scotland is to reduce the size of its investment bank by as much as £30bn and cut hundreds more jobs as the taxpayer-backed lender attempts to head off growing government pressure to close down the controversial division.

The lender will announce that it will reduce the size of the investment bank’s balance sheet, as well as scaling back the amount of capital allocated to the business and continuing its redundancy programme.

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