The British parent of Citizens Bank, Connecticut’s 10th largest, will cut 3,500 jobs in a reorganization and rebranding of its investment banking arm, The Associated Press reports.
London’s Royal Bank of Scotland said Thursday the layoffs will be phased in over three years and largely affect employees in Global Banking and Markets, which had offered advice on mergers and acquisitions.
The division has 18,900 employees overall.
According to The AP, the bank, which received a bailout in 2008, has been under pressure from the British government to pull back from its expansion goals.
Citizens declined Thursday to say whether the cuts impact any Connecticut employees.
RBS Citizens Bank, based in Rhode Island, has 51 Connecticut branches with $2.5 billion in deposits, according to the Federal Deposit Insurance Corp.
