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Sunday, February 15, 2009

Report: RBS Expects up to 20,000 Additional Job Cuts

by Calculated Risk on 2/15/2009 10:55:00 AM

From the Times: £30 billion loss at RBS prompts savage job cuts (ht Jan)

ROYAL BANK OF SCOTLAND boss Stephen Hester is to unveil a brutal cost-cutting exercise, alongside record losses of close to £30 billion, that are expected to lead to a further 10,000 to 20,000 job cuts.
The bank has already axed 13,000 jobs internationally since last April, including 3,000 in its investment-banking business.
And the beat goes on ...