RBS signals job cuts in wake of ABN Amro takeover

0 Comments | AFP, April, 2008

LONDON (AFP) — Britain's Royal Bank of Scotland said Monday that there will be job losses over the next two years following the recent blockbuster takeover of Dutch lender ABN Amro.

Britain's second biggest bank made the announcement after the Financial Times reported that RBS could axe around 7,000 jobs as it absorbs ABN Amro's investment bank into its global markets division.

RBS had said last week it would raise 12 billion pounds (15 billion euros, 24 billion dollars) from shareholders to shore up its finances after huge subprime-related writedowns and its part in the takeover of ABN Amro.

"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...