Royal Bank of Scotland, stuffed royally
As we reported previously, it is tough being a banker in the UK these days, with government playing an increasingly involved role in running the businesses of the banks it saved in 2008, Lloyds, Northern Rock and especially the Royal Bank of Scotland (RBS). A 70% taxpayer-owned RBS announced on Monday it will have to shed 3,700 retail banking jobs across the UK as part of a government-sponsored reorganisation of the banking sector. It will also almost certainly sell many of its assets, insurance companies, parts of its investment division and its US banking arm. Furthermore, in return for $530 billion worth of insurance, it will hand another 10% of its ownership to the government, making it de facto fully state-owned. Read more: AP, AP
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