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RBS said to plan US$1b cost cuts by trimming jobs, closing branches

Tuesday, February 14, 2017 - 05:50

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CEO Ross McEwan's plan to lower the bank's cost-to-income ratio, a key measure of profitability, to below 50 per cent by 2020 was blown off-course after the Bank of England cut interest rates last year.

London

ROYAL Bank of Scotland Group Plc is preparing to cut more than £1 billion (S$1.78 billion) of annual operating costs by eliminating jobs and closing branches as it seeks to bolster profitability, said a person with knowledge of the plans.

While the Edinburgh-based lender

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