Royal Bank of Scotland Group PLcould cut 10,000 jobs as part of plans to scale back its investment banking business, the Financial Times reported on its website.
The cuts are likely to focus on the equities part of the bank's investment division, which generates only a fraction of the company's total revenue and has failed to compete with other firms in the industry, the FT said.
RBS Chief Executive Stephen Hester has been weighing up proposals to restructure the bank. A spokesman for RBS told MarketWatch that the 10,000 figure was "inaccurate," but declined further comment.
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