The Royal Bank of Scotland is set to slash 200 staff in its global banking and markets businesses this week as a response to the global economic credit crunch. The bank said the elimination of jobs is not driven by the cost cutting program that has been initiated after its ABN Amro acquisition last year.
The jobs affected are expected to be in the banks securitization, leveraged finance and real estate lending areas. Most of the cuts will be in the London offices of the firm's global banking and markets division and the corresponding businesses it bought from ABN. Global banking and markets accounts for over a third of RBS's profits and, together with ABN's operations, employs more than 28,000 people.