The Royal Bank of Scotland (RBS: 7.24, -0.20, -2.69%) has launched major cuts in its fixed income department that could slash that division’s workforce by 30% to 35%, sources have told FOX Business, making it the next big bank to cut jobs as economic sentiment continues to turn sour.
Shares of the U.K.-based banking giant were down about 2.5% to $7.25 just before the market closed on Monday. Its shares have fallen some 36% since the start of August.
The move by RBS comes as major banks around the world have initiated job cuts in an effort to save on costs and adapt to more stringent regulations...
Read more at http://www.foxbusiness.com/industries/2011/11/07/rbs-planning-to-slash-jobs-impact-up-to-35-fixed-income-group/
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