The Royal Bank of Scotland announced plans to further streamline its operation and have a greater focus on its fixed-income business, which includes securitization, bond trading, debt capital raising, risk management and rates.
The bank said it plans to cut an additional 4,450 jobs to comply with U.K. government pressure to wind down risky operations and prepare for tougher international regulations, according to a Reuters report.
The U.K. government owns 83% of the bank after it spent £46 billion ($71.6 billion) to keep it from failing during the financial crisis.
According to the report, the banks plans to stop trading shares and advising companies on takeovers, both loss-making businesses.
RBS said it will make the job cuts in its investment bank and will exit cash equities, corporate broking, equity capital markets and mergers and acquisitions businesses.
The cuts are aside from the 2,000 at the investment bank in the second half of 2011 and comprise over a quarter of the unit's staff, according to the Reuters report.
