RBS (RBS) Slumps on CEO Exit, Plans to Cut 2,000 Jobs
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In addition to Stephen Hester stepping down as CEO of Royal Bank of Scotland (NYSE: RBS), the bank is said to be planning a massive round of job cuts.
Sky News said today that about 2,000 positions will be eliminated within RBS' investment banking unit, or about 20 percent of the staff. The taxpayer-backed institution has cut about 40,000 jobs since being rescued during the fallout of the financial crisis.
News follows an announcement last month that RBS would trim its retail banking headcount by another 1,400 positions.
Shares of the bank are down 3.9 percent Wednesday.
Sky News said today that about 2,000 positions will be eliminated within RBS' investment banking unit, or about 20 percent of the staff. The taxpayer-backed institution has cut about 40,000 jobs since being rescued during the fallout of the financial crisis.
News follows an announcement last month that RBS would trim its retail banking headcount by another 1,400 positions.
Shares of the bank are down 3.9 percent Wednesday.
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