RBS

The Reserve Bank has decided to review and strengthen the Risk Based Supervision (RBS) of the banking sector with a view to enable financial sector players to address the emerging challenges

Bank has been trying to resolve its legal cases to enable the UK govt to sell over 70% of its stake

Bank has plans to cut 334 jobs

RBS said about 770 roles may be eliminated in Britain and about 220 roles in the Republic of Ireland

RBS has not made an annual profit since 2007

The provision means that state-backed RBS is unlikely to make a profit in 2016

Royal Bank of Scotland is to separate its retail operations from its higher-risk businesses in a major overhaul to meet new ring-fencing rules in Britain

The settlement with RBS brings the US regulator's recoveries against various banks to $4.3 billion in lawsuits

RBS shares, which have fallen almost 40 per cent so far this year, were 5 per cent lower

RBS branches in Bengaluru, Hyderabad, Pune, Gurgaon, Noida and Vadodara will be closed with effect from October 1

The British bank will make alternate arrangements for their banking, wealth management & demat accounts on or before Aug 31

Cuts are in IT and back office positions that support the commercial, retail and private bank

Appointment comes within a month of RBS announcing its withdrawal from customer facing activities in India

RBS said it had started informing their customers about their decision and how it would impact them

The CEO has been cutting thousands of jobs to reduce expenses in a bid to boost earnings after 8 straight annual losses

A spokesperson said this move is to restructure their corporate & institutional bank, reduce size, focus on customers and products