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
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
- 2014 MLB World Series Game 3: Kansas City Royals 3, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Tesco Facing Crisis After Chairman Quits Citing Accounting Scandal In The Retail Giant
- Australian Federal Court Fines Reebok $350,000 & Orders Refunds For Shoe Endorsed By Miranda Kerr That Claims Unproven Health Benefits
- #Snapgate: iPad Air 2 Breaks While Undergoing Bend Test
- Perth Call Centre Staff Bad In English And Not Philippine And Indian Counterparts, Telstra Boss Says
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- U.S. Targets Buyers of ISIS Oil, Threatens Sanctions
- ISIS Syria Airstrike Bombing Has Killed 550 People, Civilians Included
- Russia Blocking OSCE Monitoring Of Its Border With Ukraine
- Russia Slams US 'Double Standards' In The Fight Against ISIS