The Royal Bank of Scotland (RBS) is believed to be cutting several hundred jobs in Singapore as it scales back its presence here to trading and sales operations only, local media reported on Friday.
Its other business lines here include transaction banking - such as trade finance and cash management - corporate banking and debt capital markets.
The bank, which employs about 1,500 staff here, has not confirmed the number of job cuts but admits that some jobs will go, according to local media, as part of a larger trend of job cuts at global banks here in both the front and back offices.
RBS is said to be giving up two floors of office space at One George Street and is looking for sub-tenants for one of the two floors it occupies at One Raffles Quay.
Media reports in March said RBS may cut as many as 14,000 investment banking jobs, mostly in the US and Asia.
RBS on Thursday recorded posted a first-half loss of GBP153 million ($328 million), and is facing investigation by the authorities in Britain, Europe, the US and other jurisdictions.
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Its other business lines here include transaction banking - such as trade finance and cash management - corporate banking and debt capital markets.
The bank, which employs about 1,500 staff here, has not confirmed the number of job cuts but admits that some jobs will go, according to local media, as part of a larger trend of job cuts at global banks here in both the front and back offices.
RBS is said to be giving up two floors of office space at One George Street and is looking for sub-tenants for one of the two floors it occupies at One Raffles Quay.
Media reports in March said RBS may cut as many as 14,000 investment banking jobs, mostly in the US and Asia.
RBS on Thursday recorded posted a first-half loss of GBP153 million ($328 million), and is facing investigation by the authorities in Britain, Europe, the US and other jurisdictions.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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