Royal Bank of Scotland is to make further cuts to its investment bank but is also readying plans for a £5bn share sale in 2014, according to reports.
RBS will this week announce plans to reduce its investment bank balance sheet by a further £20-£30bn, and continue to cut "hundreds" of jobs across its middle and back offices and other areas, according to the Daily Telegraph. The bank is expected to reveal a pre-tax loss of around £4bn for 2012 when it reports full-year results on Thursday. Its investment banking balance sheet has already shrunk from £500bn in 2008 to a current level of around £300bn. Separately, the Sunday Times reports RBS is preparing a £5bn share sell-off for Q4 2014. The bank, 82% owned by the UK taxpayer, i...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
