LONDON, Jan. 12 (UPI) -- The Royal Bank of Scotland said it would downsize its investment bank, dropping 3,500 jobs along the way.
In a statement, RBS, which is 83 percent taxpayer-owned, said it was considering a sale of corporate broking, equity capital markets, cash equities and its mergers and acquisitions offices. If these could not be sold RSB said it was also considering an option of simply shutting them down, The Daily Telegraph reported Thursday.
"Our goal from these changes is to be more focused for customers, more conservatively funded, more efficient and with better, more stable returns for shareholders overall," said Chief Executive Officer Stephen Hester.
It also said it would cut its global banking and marketing business by about 25 percent and restructure that operation into two divisions, markets being one and international banking being the other.
Former global banking and marketing manager John Hourican will head the two new offices.
RSB has cut about 30,000 jobs since the financial crisis began, including 2,000 in 2011, the newspaper said.