RBS to Cut Up to 90 Staff in U.S. Investment-Banking Overhaul

Bookmark

Royal Bank of Scotland Group Plc is set to trim about a fifth of its U.S.-based workforce as the state-backed U.K. lender continues to pare back its NatWest Markets investment banking unit.

Between 80 to 90 jobs will be cut from RBS’s Stamford, Connecticut site, where all 400 of its U.S. staff work in an office designed for thousands. The move comes after RBS Chief Executive Officer Alison Rose disclosed plans in February to slash the markets business to focus on financial and risk management for corporate customers.

“We intend to make NWM a more sustainable business,” RBS said in an emailed statement. “Where we are restructuring, we will seek to mitigate impacts for employees, which includes delaying exits in many cases and continuing to pay employees until 30 September 2020.”

Unlike some banks, which paused redundancies amid the coronavirus pandemic, RBS has continued to cut staff, informing employees via Zoom calls, people familiar with the matter have said.

Reuters first reported news of the cuts.

©2020 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.