Royal Bank of Scotland is likely to cut between 3,000 and 4,000 investment banking jobs as part of an overhaul of the business to be unveiled this week, a person familiar with the matter said.
The review of part-nationalised RBS's Global Banking and Markets (GBM) division is likely to be released on Thursday and will see RBS say it may sell some businesses, such as Hoare Govett and cash equities, and scale back across most areas of the unit, the source said.
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The source said parts of GBM will be merged with Global Transaction Services (GTS), the payments business that has steady revenues and shares many customers with parts of GBM.
RBS declined to comment.