RBS will cut 200 jobs


The Royal Bank of Scotland (RBS) will cut 200 jobs, Bloomberg is reporting.

According to anonymous sources quoted by the news agency, redundancies will affect the leveraged-loan, property-finance and commercial mortgage-backed securities businesses and are thought to have resulted from the current credit turmoil.

Steve Blaney, a London-based spokesman for RBS told Bloomberg: "Most global financial institutions are reviewing their businesses in light of the current market conditions."

"Unfortunately it does mean there will be some head count reduction in some areas."

The lender is the UK’s second largest and employs more than 28,000 people.

The fall in value of some commercial property in London has opened opportunities for new funds to buy property at reduced prices.

Threadneedle Investment Property is about to launch a second UK fund and is looking to raise around £120 million in equity.

Its managing director, Don Jordison remained optimistic about the market and said it would return closer to its historic norm of five to seven per cent in 2009, Property Week has reported.