Rumours that 7,000 employees will loose their jobs following RBS recent takeover of ABN are spreading like wildfire.
But despite the bank refusing to reveal the total number of job losses, it can confirm that wholesale banking will be worst hit.
A spokeperson fro RBS says: Since the acquisition of ABN AMRO we have consistently said that as we brought our two wholesale banking businesses together there would be job losses over the course of the next two years.
This is unfortunate, but inevitable.
The spokepserson says: In light of current conditions in some parts of the global credit markets we are also looking at the appropriate size for our businesses affected by this downturn.
We have an expanded customer base, geographic footprint and product range as a result of the ABN AMRO acquisition and the launch of our commodities joint venture with Sempra which provide us with good opportunities for growth going forward.”