People: Citi and RBS to cut 5,700 in investment banking

Citi and RBS to cut 5,700 in investment banking

Ralph Segreti

Citi and Royal Bank of Scotland (RBS) have announced plans to cut a combined 5,700 jobs in their respective investment banking divisions.

RBS will cut 3,800 jobs from its markets and international banking division, an increase from the planned cut of 3,500 that was made public in January 2012. The bank has already lost 34,000 staff since it became majority owned by the UK government in 2008, and is still struggling to divest itself of unprofitable business lines.

David Lake, head of UK sales for

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