If it makes the canned feel any better, this is harder on them that it is on you.
Royal Bank of Scotland cut as many as 300 staff in its capital markets and cash equities units after failing to find a buyer for the businesses. Most of the employees affected by the decision are London- based, the bank said in a statement e-mailed to Bloomberg News today. The lender said in January it would cut about 3,500 jobs at the investment-banking division and sell or close the unprofitable cash equities, mergers advisory and equity capital markets divisions. Last month, the bank sold its Hoare Govett corporate broking unit to Jefferies, transferring about 50 jobs. It has been unable to find buyers for the rest of the U.K. equities business. Chief Executive Officer Stephen Hester, 51, decided to dispose of the units after volatile markets and increasing regulation rendered it difficult to generate returns that beat the cost of equity. “Having to cut jobs is the most difficult part of our work to rebuild RBS,” the Edinburgh-based bank said in the statement.