Royal Bank of Scotland to slash up to 14,000 jobs

Royal Bank of Scotland is aiming to cut as many as 14,000 jobs in its investment banking units across the United States and Asia, the Financial Times reported.

Of the total 18,000 people who work for RBS’ investment banking unit, it aims to slash as many as four of every five positions by 2019, while overhauling the back-office systems to automate them, the newspaper said.

RBS said last week it will shrink its investment banking operations from 25 countries in Europe, Asia and the Middle East.

RBS could not be reached for comment.

Last year RBS signalled its commitment to its Irish operations, Ulster Bank.

Reuters