The bank will focus more on its UK customers while at the same time it also cuts down on risky investments.
This is not the first major job cut in RBS. During the financial crisis when the Government rescued the bank with £45.5billion RBS cut close to 40000 jobs. Ross McEwan, Royal Bank of Scotland chief executive, posted the following declaration as part of a video that was uploaded on RBS' website: "My aspiration is not to run the world's biggest bank. My aspiration is to run the best bank in the UK – nothing to do with size. A lot of our costs are old costs related to a big global group that we are not any more."
RBS figures for the last year show the bank has a loss of £8billion. Besides the heavy job cuts RBS plans to retreat from Asian and US markets. This early morning a RBS share was 5.65p higher than 355.7, the price per share from the previous day.