The Royal Bank of Scotland (RBS) will slash as many as 300 staff in its equity capital markets and cash equities units following failure to find a potential buyer for the businesses.
The Edinburgh -based lender had said last month that it would cut 3,500 jobs at the investment-banking division and sell or close the unprofitable cash equities, mergers advisory and equity capital markets divisions.
The bank had agreed to sell its Hoare Govett corporate broking unit to Jefferies Group in January 2012, transferring about 50 jobs, but has been unable to find buyers for the rest of its UK equities business.
RBS said in a statement that after careful assessment of the various approaches made by interested parties, the bank has decided to start winding down parts of its Emea Equity Capital Markets and cash equities businesses, and certain associated activities globally.
The bank will however continue to hold active discussions with potential buyers for other businesses, including the Asian cash equities and mergers and acquisitions businesses and the M&A business outside of Asia as well as some businesses based in the Netherlands.
The bank has eliminated 2,000 jobs in its investment banking unit during 2011’s second half and has slashed more than 30,000 employees since 2008 in response to the volatility in global financial markets.