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: Quote) 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
Online retail giant Amazon.com Inc. (AMZN) is reportedly in talks to buy luxury online fashion retailer Net-a-Porter. The news of acquisition was first reported by Women's Wear Daily, which said the deal would be completed for about 2 billion euros, indicating the biggest acquisition yet by Amazon.... Tim Cook, the CEO of tech giant Apple Inc., in an interview said he intends to give away all his wealth to charity. Cook, in an interview to Fortune, said he plans to donate all his wealth to philanthropic projects after paying for his 10-year old nephew's college education. According to Fortune,... Is it a 'personal life crisis' that led the Germanwings' co-pilot Andreas Lubitz to deliberately lowering the plane carrying 149 people to French Alps mountain? Police is investigating to find evidences to prove this suggestion.
comments powered by Disqus
Follow RTT