RBS said to plan a dramatic scaling back

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A brutal series of cost-cutting measures and disposals.

The Financial Times reports that Royal Bank of Scotland is preparing a dramatic retrenchment that would see it become a much smaller UK retail and commercial bank in a move that is expected to slash staff numbers by at least 30,000 in the coming years.

The bank is next week expected to announce its withdrawal from many of its riskier investment banking activities alongside a plan to offload much of its international business.

The restructuring will form part of a brutal series of cost-cutting measures and disposals led by new chief executive Ross McEwan, which are expected to lead to a reduction of about a quarter in the group’s headcount over the next three to five years.

'It will be a monster restructuring', said one banking analyst.

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RBS plans dramatic scaling back

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