RBS axes 3,500

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jobs at investment arm
LONDON, Jan 12 (AFP): State-rescued Royal Bank of Scotland (RBS) said Thursday it would cut about 3,500 more jobs over the next three years as the group shrinks its investment banking activities as part of a major overhaul.
The lender, which is 82 per cent state-owned, also outlined plans to reorganise its wholesale banking operations into two divisions-Markets and International Banking-and downsize or cease other selected activities.
The company will exit businesses including cash equities, corporate broking, equity capital markets, and mergers and acquisitions.