RBS to eliminate 200 jobs

http://www.bloomberg.com/apps/news?pid=20601102&sid=aCQxaLF8vhv4&refer=uk

April 9 (Bloomberg) — Royal Bank of Scotland Group Plc, the U.K.’s second-biggest lender, is eliminating about 200 jobs at its corporate-banking unit because of the credit crisis, according to two people with knowledge of the plan.

The cuts will affect the leveraged-loan, property-finance and commercial mortgage-backed securities businesses amid a slowdown in lending and trading, said the people, who declined to be identified because the changes are confidential.

RBS, which bought ABN Amro Holding NV with partners Banco Santander SA and Fortis for about 72 billion euros ($113 billion) last year, is selling assets to shore up capital and cushion writedowns on credit-related assets. U.K. banks including Edinburgh-based RBS and Barclays Plc are scaling back lending amid higher funding costs since the collapse of the U.S. subprime mortgage market.

“Most global financial institutions are reviewing their businesses in light of the current market conditions,” said Steven Blaney, a London-based spokesman for RBS. “Unfortunately it does mean there will be some head count reduction in some areas.”

An article discussing reported job losses at RBS, an interesting read do check it out.

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