RBS Traders Brace for Job Cuts as City of London Contracts

Traders at Royal Bank of Scotland (RBS) will be the latest to be hit by one of the biggest rounds of job cuts since the credit crisis began.

Royal Bank of Scotland
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The equity derivatives floor at the state-backed bank is this week facing substantial job cuts as part of its integration, with investor products, into the global sales and global trading arm of the investment bank.

It is understood that the cuts are part of the 3,800 already announced by the bank this year. The bank is planning to maintain its geographic spread as part of the re-organization.

A spokesman for RBS declined to comment.

RBS, which is in the middle of a revamp by the management team brought in following its disastrous purchase of ABN Amro and the departure of then-Chief Executive Sir Fred Goodwin, is far from the only bank making cuts at the moment as uncertainty hangs over the global economy.