As many as 10,000 jobs could be culled at the Royal Bank of Scotland as it dramatically downsizes its global banking and markets division.

These cuts and an expected £1bn to £2bn of restructuring costs are considered the worst-case scenario by the bank, it was reported in the Financial Times.RBS is asking bidders interested in buying parts of its investment banking arm to submit offers before the end of the month. The US investment bank Lazard has been hired by RBS to run the process, which could see the bank offload businesses such as equities and corporate finance. Consultants from McKinsey & Co have been advising RBS – which is 83pc-owned by the taxpayer – on the plans.

Senior managers in the investment bank have been required to submit multiple sets of plans for their businesses as RBS looks at a range of options.....Read more here--: RBS investment bank shake-up may cost 10,000 jobs - Telegraph