The Royal Bank of Scotland is downsizing its investment banking arm with the loss of 3,500 jobs over the next three years.
The move at Global Banking and Markets (GBM), which has employees in Stoke, Manchester, Edinburgh and London, follows Government pressure for the 83 per cent state-owned bank to step away from its plans to be a global investment player.
GBM employs 18,900 people worldwide and deals with a range of financial services such as debt advice, equity trading and mergers and acquisitions.
Its range of work with companies and governments spans from refinancing contracts for Anglian Water, Gatwick Airport and Tesco to debt issues for Finland.
The job losses come amid reports that John Hourican, the head of GBM who will continue to oversee the restructuring of the business, is in line to pick up £4 million in long-term incentive shares that he was awarded in 2009.
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