Reuters reports that Royal Bank of Scotland is making more than 600 staff redundant as a result of legislation due to come into force at the end of the year, bringing total staff reductions at the bank since its 2008 bailout to around 36,000.
In the meantime, Bloomberg reports that Bank of America has eliminated some managers from a unit catering to wealthy families as it cuts costs, said two people with knowledge of the move.
Executives who oversaw trust officers and private-client advisers at the firm’s U.S. Trust unit were dismissed this month amid a companywide review of expenses at the Charlotte, North Carolina-based bank, said the people, who requested anonymity because the plans are private. They declined to say how many of approximately 40 managers were affected.
And Reuters reports that Swiss private bank Union Bancaire Privee said on Tuesday it had cut more than 100 jobs, mostly in Zurich.
The move is part of a planned restructuring following the acquisition of ABN Amro's Swiss private banking unit.
The newspaper quotes a person close to the firm who said that the latest cull 'reflected the current trading environment'.