Royal Bank of Scotland is set to cut hundreds of jobs as it pushes ahead with the integration of Dutch bank ABN AMRO's investment bank and slashes headcounts in divisions hit by the credit crunch.
The Financial Times reported today that the bank would likely cut about 7,000 jobs of a combined total of 28,000.
RBS declined to comment on the exact size of any potential cuts to its workforce.
RBS last week unveiled a further £5.9 billion of investment write-downs from risky US property-related assets. It is one of the worst affected by credit squeeze-related write-downs in the UK, having now taken a £8.4 billion hit in total.
