U.K. banking and insurance holding company Royal Bank of Scotland Group (RBS) will shed nearly 30 jobs in Brazil, Bloomberg reports. The move comes as the lender drops plans to open an investment bank in the South American country.
The employees being laid off include the division’s head Carlos Braga and senior economist Zeina Latif. The bank had received the approval to open the investment bank in June.
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Scotland Group Brazil U.K. Carlos Braga Royal Bank