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
Casino operator Las Vegas Sands Corp. (LVS), Monday said its second-quarter profit dropped from last year, hurt largely by continued challenging environment in the high-end gambling business in Macao, China. Earnings for the quarter fell short of Wall Street expectations, as did revenues. Second-quarter... Analog chip maker Texas Instruments Inc. (TXN), Monday reported a 12 percent jump in profit for the second quarter, driven largely by better cost control and higher revenues. Earnings for the quarter trumped analysts' expectations, as did revenues. The company also detailed a strong outlook for the third... UPS (UPS) has announced the expansion of its UPS Worldwide Express package service to reach 117 countries and territories. UPS, the world's largest package delivery services, delivers more packages internationally than any other carrier. Over 50 countries and territories have been added to the UPS...
comments powered by Disqus
Follow RTT