ROYAL Bank of Scotland is to unveil a dramatic restructuring in which assets worth several hundred billion pounds will be put up for sale.
This week, RBS’s new chief executive Stephen Hester will create a non-core subsidiary into which about £300bn of unwanted assets will be placed.
The aim is to isolate the troubled areas of the business into a “bad bank” and allow the stock market to place a value on the remaining core operations.
The plan is due to be unveiled on Thursday, at the same time as RBS announces Britain’s biggest corporate loss of up to £28bn and cost cuts worth around £1bn a year.
Mr Hester is not expected to put a figure on the number of subsequent job losses, but reports this weekend said as many as 20,000 jobs could go – equivalent to around 10% of the global workforce.
