Layoffs Watch '11: RBS


The bank will apparently be offering a few more details on the cuts management has been mulling over since since the third quarter of last year.

A senior executive at Royal Bank of Scotland PLC has left amid a massive cull in the Edinburgh-based bank's investment banking division. Marco Mazzucchelli, the chairman of an advisory council focused on client relationships, departed late last month, according to a person familiar with the matter. The most senior executive so far to leave amid the bank's restructuring plans, Mr. Mazzucchelli was responsible for overseeing the bank's team of corporate client advisors globally and for managing relationships with the bank's key global clients, this person said. RBS is expected to announce Thursday that it will shed between 3,000 to 4,000 jobs in its investment-banking business. It will keep corporate banking operations such as deposit-taking, finance, and foreign exchange.

RBS Executive Departs Ahead Of Restructure Announcement [WSJ]
Earlier: RBS Not Taking A “Knee-Jerk” Approach To Laying Off Employees
Earlier: RBS "figuring out which businesses they want to remain in"