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RBS mulls retreat from investment banking

Royal Bank of Scotland is drawing up plans to scale back its investment banking division in a move that would put 10,000 jobs at risk.

According to the Financial Times, the bank is considering quitting its cash equities business, withdrawing from equity derivatives and mergers and acquisitions advice, as well as shrinking its structured credit and interest rates business.

It says the plan, with its associated job cuts and restructuring costs of £1bn-£2bn, is being considered as a worst-case scenario by Stephen Hester, chief executive of RBS.

The FT says the changes would leave the investment bank, which currently has 19,000 staff, barely half its size.

RBS declined to comment.

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