The sharpest cuts were felt in the hard hit securitization sector where bond volumes have plummeted dramatically as investors shun the market. Just as the securitization exit for real estate lending has evaporated, European real estate valuations have fallen – especially in the UK.
“Like every other bank RBS is making sure that we have the right size teams for the current environment,” an RBS spokesman said. He would not be drawn on the size of specific reductions.
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