RBS Latest Firm Hit By Layoffs Ahead Of New Fed Regulations

Add Royal Bank of Scotland to the list of foreign banks cutting U.S. staff. The Financial Times reported Tuesday that the bank will lay off "hundreds" of workers over the next few years after it shrinks it mortgage trading business by two-thirds. The report, citing people familiar with an internal announcement at RBS, said the cutbacks would trim the bank's assets ahead on new Federal Reserve rules.