Royal Bank of Scotland is cutting close to 200 jobs in its European leveraged finance, real estate finance and commercial mortgage-backed securities businesses in London, amid sweeping staff changes throughout its global banking and markets division.

RBS has been making the cuts throughout this week as the bank, which has run strong operations in each of the three businesses, reins in costs and reshapes its operations in these markets amid a slowdown in deal origination and execution due to the market turmoil.