British banks are to cut thousands of jobs and close hundreds of bank branches. The huge shake up is a result of them being allowed to get too big. The devastating 2008 financial crisis saw two of the biggest UK banks taken over by the government because of the losses they incurred.
The Royal Bank of Scotland Group (RBS), that is 81% owned by the government, is expected to axe 30,000 jobs this year. The bank will withdraw from risky business and severely cut its international division. Its new Chief Executive Ross McEwan aims to decrease the RBS Group headcount by a quarter over the next 3-5 years.
Category: Business / Economics / Banking