Jobs shuffle as RBS closes Australia unit

Royal Bank of Scotland is closing its Australian fixed income, commodity and currency trading desk and moving some of the 80 affected employees to desks in London and Singapore.

RBS has already put its advisory and securities business in Australia on the block and further paring of its operations has been expected for some time. It currently employs some 600 staff in Australia.

RBS said: “Australia is a mature and highly competitive market for fixed income products where margins have become increasingly tight.”