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Royal Bank of Scotland to shed thousands of jobs

by Staff Reporter7 minute read
The Adviser

Struggling Royal Bank of Scotland (RBS) is reportedly considering a cost-cutting program that could reduce its workforce by 20,000 people and see it sell off parts of ABN Amro, The Sydney Morning Herald reported today.

According to the news report, the bank which has been partially nationalised, is expected to deliver the cost-cutting plan at the end of month, in conjunction with an expected loss of up to A$61.4 billion.

The proposed plan would see the bank slash its costs by retreating from emerging markets such as Romania and Slovakia, and selling off non-core businesses, such as ABN Amro, which it acquired in late 2007.

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