RBS to cut 20,000 jobs

[Joanne98]

Royal Bank of Scotland is set to reveal a savage worldwide cost-cutting drive that could lead to the loss of up to 20,000 jobs, it has been reported .

The bank - which is 68% owned by the taxpayer - is understood to be planning the move as it gears up to report losses of up to £28 billion later this month.

According to the Sunday Times, RBS boss Stephen Hester is to draw up a new business plan, which will slash costs by hundreds of millions of pounds and could lead to a further 10,000 to 20,000 job cuts.

The bank is also expected to pull out of a number of countries in emerging markets and sell off dozens of businesses now deemed unnecessary.

RBS announced it was axing 2,300 British jobs - around 2% of its 106,000 UK workforce - last week, shortly after its former chief executive Sir Fred Goodwin apologised for "all of the distress that has been caused" at a Treasury Select Committee grilling.

RBS is set to report the biggest loss in corporate history in its full year trading results on February 26.

http://www.guardian.co.uk/uk/feedarticle/8360039