RBS India Cuts Staff to Wind Down Retail, Commercial Ops
February 25, 2013 12:59 AM EST
Royal Bank of Scotland (RBS) (RBS.L) is to lay off staff in India as a part of its plan to wind down its retail and commercial operations in the country, it said in a statement, without specifying how many employees would be affected.
The announcement comes after British Prime Minister David Cameron last week said that he wants the state-controlled bank to speed its restructuring, making it clear he is keen to return it to private ownership as soon as possible.
The British government owns 82 percent of RBS, having pumped in 45 billion pounds of capital when the bank neared collapse in 2008.
RBS is scaling back its international operations after the 2008 bailout and has been urged by Britain's Finance Minister George Osborne to focus on domestic activities.
"There is no impact on RBS's markets, international banking and private banking businesses in India," the bank said.
Most Popular Slideshows
- Slow-Moving Yet Unrelenting Hawaii Lava Now Only Inches Away From Pahoa Homes
- 2014 MLB World Series Game 6: Kansas City Royals 10, San Francisco Giants 0 [PHOTOS]
- San Francisco Giants Beat Kansas City Royals, 3-2 In Game 7, Wins 2014 MLB World Series [PHOTOS]
- Cavaliers, LeBron James Flop In First Game Back In Cleveland; New York Knicks, Melo Pull Off Road Upset, 95-90 [PHOTOS]
Join the Conversation
- Apple CEO Tim Cook Coming Out Gay Defies Corporate Norm: Tech Execs Applaud Inspiring Essay
- Bombshell, Shocking And Wild Read: Jefferies & Co. Sage Kelly Forces Wife To Have Sex With Clients For A Deal
- Russia Succeeds Where US Fails: ISS NASA Antares Rocket Explosion Meant to Happen; Russia Successfully Launches Cargo Ship
- The Cost Of Getting Infected With Ebola
- Walmart Sells ‘Fat Girl Costumes’ for Halloween
- NATO: Russia's Been Conducting Too Many Military Flights Over Europe
- Moto X 2014 vs. Motorola DROID Turbo - Specifications, Features And Price Showdown
- Dismantling Of Fukushima Reactor 1 Faces Delays, US Judge Gives Sailor Go Signal To Push Through Lawsuit Against TEPCO Over Radiation
- Samsung Galaxy Note Edge To Be Available Through T-Mobile In The US
- Five Extreme Drop Tests On BlackBerry Passport Reveals Its Endurance [Watch Video]
- Updated iOS 8 Pangu Untethered Jailbreak Now Fully Works with Cydia: Key Fixes & Mods to Expect
- Ex-Ohio Trooper Pleads Guilty To Issuing Sex as Penalty To Women Motorists