LONDON, Dec. 10 (Xinhua) -- Royal Bank of Scotland Group (RBS) is said to pull out of its fixed-income trading in Japan and cut down staff numbers by more than 200 to around 30, with most of the jobs going by next February, said Bloomberg Wednesday by citing persons familiar with the plan.
RBS Securities Japan Ltd. would surrender its primary dealership in the country's government bond market and retain only enough people to service clients, reported the media.
RBS executives will meet with Financial Services Agency officials, the British financial watchdog, as early as Wednesday to disclose the plans and will notify clients as early as next week, pending approval, said the media.
The Edinburgh-based bank, which is owned by British government, is working on recovering assets and improving profitability after six consecutive annual losses. RBS's loss in the 12 months to March widened by 78 percent to 5.7 billion yen (or 48 million U.S. dollars) in Japan.