HSBC and Royal Bank of Scotland could cut up to 20% jobs

HSBC and Royal Bank of Scotland could make between 10% and 20% of investment bankers working at their respective global banking and markets units redundant, in order to cut costs amid a significant downturn in business.

HSBC’s GBM arm, which has several thousand employees on its payroll in London, initiated the layoffs this week. RBS, meanwhile, is pressing on with its downsizing programme, with workers in the lender’s credit trading and emerging markets businesses likely to be the worst-hit.

Source: E-financial News