Royal Bank of Scotland (RBS) joins Citigroup with job cuts

Royal Bank of Scotland (RBS) announced that they will be axing 3,000 jobs from its investment banking division. The news comes when several other banks are making banking staff redundant.

Yesterday Citigroup announced a further 53,000 job cuts, only 2 months ago they shed 22,000 of their workforce giving a total of around 75,000 redundancies.

Citibank have told staff of job cuts but as yet no figures have been released, Goldman Sachs have told contractors they will be a 15 percent cut in the day rates and Barclays Capital have are seeking from their staff in the IT department voluntary redundancies.

JP Morgan is poised to make 3,000 job cuts, it seems no city worker is safe with the financial crisis seeing no sign of early recovery, and with duplicate staff appearing due to the banks merging, banks are now forced to lay off thousands of employee’s whilst they try to survive the global financial crisis.

Source: theregister Knowing rip