RBS CEO frustrated over job loss speculation

RBS building

Royal Bank of Scotland CEO Ross McEwan moved to reassure employees that there will be 'no big announcement' on job cuts when the lender publishes the results of its strategic review next week.

'This type of thing is frustrating and unsettling', McEwan, 56, wrote in a memo to employees Fruday. 'This has been building over recent weeks and months and was always to be expected ahead of our strategy update'.

Bloomberg News reports that McEwan, who replaced Stephen Hester as CEO in October, will next week detail his plan to shrink RBS’s investment-banking and overseas units to focus on consumer and commercial banking in Britain, according to a person with knowledge of the matter who asked not to be identified before the announcement.

The overhaul will lead to job losses over the coming years, the person added.

Hit the link below to access the complete Bloomberg article:

RBS Says No Big Job Cuts Coming as Investment Bank to Shrink

Credit Suisse to Pay $197 Million in SEC U.S. Client Case

image: © Mark Ramsey

Best place to workThe Best Firm of the Last Decade is...

Register for Financial Markets News Alerts