Reports: RBS to cut up to one-quarter of workforce

LONDON — UK media are reporting that taxpayer-backed Royal Bank of Scotland is set to cut up to one-quarter of its workforce amid massive restructuring.

The Financial Times and Daily Telegraph are reporting Friday that cuts of between 20,000 and 30,000 jobs will be announced next week when the bank, which is 80 percent owned by the taxpayer, releases its results. The reports say the bank, the owner of Citizens Bank, will further shrink its investment banking operations and leave overseas businesses in Asia.

One analyst says the move would let RBS become more focused on UK operations and allow investment in new technology.

Associated Press