logo
Share SHARE
FONT-SIZE Plus   Neg

RBS To Close Some Asian Units; Sacks 70: Reports

Royal Bank of Scotland Group Plc (RBS.L,RBS) is reportedly to shut down certain operations in South Korea, Indonesia and Singapore after failing to find a buyer for the businesses, thereby affecting 70 people as part of moves to cut the size of its investment bank. The U.K. lender would begin closing the cash equities, equity capital markets and corporate finance units in Korea, as well as the cash equities operations in Indonesia and Singapore, Yuk Min Hui, according to the media reports.

Reports also added that RBS would continue to operate its debt financing, transaction services and risk-management businesses in Korea, Indonesia, Singapore and eight other Asia-Pacific countries. In January, RBS said it would axe about 3,500 jobs over three years, split between its UK and non-UK locations.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Tesla's next electric car Model 3 is aimed at the masses with a price tag that could go below $30,000. Tesla CEO Elon Musk, during an earnings call, confirmed that the Model 3 will start selling for "around $35k," and reservations will start from March 31 in Tesla stores and online on April 1 for... Advanced Disposal Services Inc. joins the growing list of companies to postpone their initial public offering amid the volatility in stock markets. Breakfast and snack food giant Kellogg Co. on Thursday reported a loss for the fourth quarter that narrowed from last year as lower revenues were more than offset by a decline in costs and expenses. Adjusted earnings per share for the quarter topped analysts' estimates, while revenue fell short of expectations. Looking ahead, the company affirmed its financial outlook for fiscal 2016.
comments powered by Disqus
Follow RTT