Royal Bank of Scotland ( plc ) has announced plans to cut costs in its corporate and institutional banking ( CIB ) business by about £ ##500 over the next three years as part of a wider strategy to reduce the size of the division . The bank expects annual revenues in its CIB business to fall to about £ 1.4bn after restructuring , down 65 % from last year . Costs in the new streamlined CIB are expected to drop to between £ 700 ##m and £ ##500 m , more than 75 % less that the £ 3.6bn in costs recorded last year . RBS first announced in February that it would begin scaling back its profits by reducing its assets , eliminating jobs and exiting countries worldwide . ' We 're confident we can get it down . We have layer upon layer of things we do n't need to do given the things we 're creating ' , said Chris Marks , co - head of the banking division .
Royal Bank of Scotland (RBS) has announced plans to cut costs in its corporate and institutional banking (CIB) business by about £2bn over the next three years as part of a wider strategy to reduce the size of the division. The bank expects annual revenues in its CIB business to fall to about £1.4bn after restructuring, down 65% from last year. Costs in the new streamlined CIB are expected to drop to between £700m and £800m, more than 75% less that the £3.6bn in costs recorded last year. RBS first announced in February that it would begin scaling back its business by reducing its assets, eliminating jobs and exiting countries worldwide. 'We're confident we can get it down. We have layer upon layer of things we don't need to do given the things we're creating', says Chris Marks, co-head of the CIB division.