Royal Bank of Scotland could cut 5,000 jobs.

The firm, which is 83 per cent owned by the taxpayer, is reviewing its global banking and markets division. Revenues at the investment banking arm have fallen and there are fears of further regulatory pressure. Sources say RBS is unlikely to act before the Independent Commission on Banking finalises its draft proposals. RBS has already warned 2,000 jobs could go this year as it unveiled its exposure to Greek debt and provision to cover compensation for missold payment protection insurance tipped it to a halfyear loss of £794million.

Draft proposals would see European outposts cut out of the investment banking operation and focus placed on its British and US operations.
But the latest plan would increase the number of jobs at risk significantly. Stock market turmoil and a lack of investment deals globally are hitting investment banks across the world. Wall Street banking giant Goldman Sachs is expected unveil a dismal set of third-quarter results on Tuesday, underlining the pressures the market turbulence has had on the sector. It has already announced thousands of job cuts and revenues are expected to have fallen by about half (54 per cent) to $4.93billion (£3.1billion) compared to the second quarter.

The impact of the ugly results is likely to trigger a slashing of bankers' bonuses, according to analysts, after the bank made a commitment to ensure no more than between 35 per cent and 45 per cent of revenue is paid to staff - a lower proportion than any other...Read more here--> http://www.thisismoney.co.uk/money/m...divisions.html