Does Ross McEwan's To Do list read "Fire 13,765 people"? No, of course not. There are a lot details, a lot of ins and outs, a lot of what have yous that go into this sort of thing and, quite honestly, if you asked him or his team, point blank, "Are you going to fire 13,765 of your 18,000 investment bank employees?" he would not be lying in answering "We really can't say." It could be a lot more than that! But at this time, a precise number is unavailable. If you're hellbent on some sort of approximation, however, "A slaughtering of epic proportions" would probably be close.
Royal Bank of Scotland has yet to decide how many jobs it will cut at its investment bank after announcing a major downsizing of the business last week, its Chief Executive Ross McEwan said on Tuesday. The Financial Times reported on Tuesday that up to 14,000 of 18,000 jobs at RBS's investment bank could be cut, citing two people familiar with the matter. "Until we've gone through and worked through the sale or rundown of these businesses, and also had good consultation with our unions and our staff, there is no number," McEwan told Sky News on Tuesday. However, McEwan acknowledged that the number would be significant and sources familiar with the matter confirmed to Reuters that thousands of jobs would be lost.