Royal Bank of Scotland has started a major restructuring of overseas investment banking, and has cut about a quarter of full-time employees in the United States.
According to Reuters, a source stated that the bank is seeking to cut between 80 and 90 jobs at the US headquarters in Stamford, Connecticut, following consultations with various trade unions and their representatives. .
A second source said layoffs in the United States, where 400 people work, are the first in a broader plan to cut between 20 and 30 percent of the non-British workforce in Nat West Markets is the bank's investment banking arm.
A number of undisclosed number of bank employees in Asia are being considered for layoffs.
The second source said that eight bankers in Singapore were cut out on Wednesday, and there were also expected to be redundancies in Hong Kong.
