You are here

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

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.


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...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to