Report: Royal Bank of Scotland to cut 30,000 jobs

Royal Bank of Scotland is expected to announce its withdrawal from many investment banking activities, as well as much of its international business, in a move expected to reduce staff numbers by at least 30,000 during the next three to five years, the Financial Times reported on Thursday.

According to Fox News, which cited the Times article, RBS is 82 percent-owned by the British government.

The partly nationalized lender received a 45 billion pound bailout in 2008.

Read more from the Financial Times.