(Bloomberg) Royal Bank of Scotland Group Plc is preparing to cut more than 1 billion pounds ($1.25 billion) of annual operating costs by eliminating jobs and closing branches as it seeks to bolster profitability, said a person with knowledge of the plans.
While the Edinburgh-based lender probably won’t reveal a headline figure for role reductions, senior execs believe RBS has more staff than it requires and will cut more jobs, said the person, who asked not to be identified because the details are private.RBS has said it will unveil fresh plans to meet profit targets alongside annual results on Feb. 24. The Sunday Times, citing an analyst its didn’t identify, said RBS needed to cut 15,000 jobs.
