Royal bank of Scotland, a UK based bank has announced to sack 3,500 employees in next 3 years. The decision is part of the business re-organization and shrinkage in the banking operations of the bank.

In a statement RBS said, "The actions announced today are outlined...will begin immediately, but may take up to three years to implement."

The Chief Executive of RBS, Mr. Stephen Hester said,"...It is clear that, particularly in the wholesale banking arena, significant new pressures have emerged. The changes we are announcing today seek to ensure that RBS is at the front of the pack in pursuing a strategy that reflects the environment we expect to operate in."

He also said, "Our goal from these changes is to be more focused for customers, more conservatively funded, more efficient and with better, more stable returns for shareholders overall."

Royal Bank of Scotland is among the leading foreign sector banks that are operating in India. The bank acquired the operation of ABN AMRO in India to foray into the banking space in the country some years ago.