RBS said to plan over US$1bil of cost cutting

Five major banks - UBS, HSBC, Citigroup, RBS and JPMorgan - were fined US$3.4bil for foreign exchange manipulation by British, US and Swiss regulators - AFP Photo.

LONDON: Royal Bank of Scotland Group Plc is preparing to cut more than £1bil (US$1.25bil) of annual operating costs by eliminating jobs and closing branches as it seeks to bolster profitability, said a person with knowledge of the plans.

While the Edinburgh-based lender probably won’t reveal a headline figure for role reductions, senior executives have determined RBS has more staff than it requires and will cut more jobs, said the person, who asked not to be identified because the details are private.