Without the bottomless pit of free handouts from taxpayers, expect to see a lot more of this happening. The banking industry has enjoyed a free ride for long enough so if they can't figure out how to make money on their own, it's their problem. Really though, it's not a matter of them not making money, but them not making obscene amounts of money. They distorted reality with the bubble years and still think that's normal. It's not. Until they figure that out, governments need to pass on some tough love for the bankers and let them come back to planet earth. BBC News:
The Royal Bank of Scotland (RBS) has said it is planning to cut 3,500 jobs, with most of them to happen this year. The cuts are part of a reorganisation and shrinkage of its investment bank. The losses, which will be split between its UK and international offices, come on top of 2,000 cuts announced earlier.