Royal Bank of Scotland is to cut 3,000 jobs worldwide in the next few weeks as the impact of the credit crunch starts to bite.
Royal Bank of Scotland is to cut 3,000 jobs worldwide in the next few weeks as the impact of the credit crunch starts to bite.
According to a BBC report, the jobs will go at the company’s global banking and markets divisions, but its retail operations, including its NatWest bank subsidiary and Coutts & Co, will be unaffected.
RBS, which 170,000 staff globally, including 104,000 in Britain, would not confirm the cuts. However, earlier this month, RBS warned it faced more write-downs and rising bad debts this quarter, which could drag it to its first ever full-year loss this year.
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