Royal Bank of Scotland (RBS) has cut 200 jobs this week in parts of its debt and investment banking units most affected by the economic slowdown.
According to Reuters, sources familiar with the matter have said the job cuts are mostly in London and are from the company's global banking and markets (GBM) investment bank arm and in the corresponding business in ABN AMRO.
RBS would not comment on any specific job cuts but said that the structure of GBM was under constant review. A spokesman for the company said, Most global financial institutions are reviewing their business in light of market conditions and we are no exception, reports Reuters.
The global slowdown is expected to cost thousands of jobs in the City this year.