Rabobank reduces London operations and cuts jobs

LONDON (Reuters) - Dutch lender Rabobank on Tuesday said it is reducing the number of its staff in London in response to the structural changes in the financial markets.

Rabobank, which employs around 800 staff in London, did not reveal how many jobs would go, although it said it remained committed to its presence in the city.

"We're convinced that these changes are necessary to ensure the well-being of the London branch and its business in the years ahead," said Rutger Schellens, regional manager Europe and member of the managing board of Rabobank International.

The Utrecht-based bank, which employs more than 60,000 people globally, said some global functions will be redeployed to its head office.

It said it remained committed to global financial markets business.

The Confederation of British Industry (CBI) has predicted the country's joblessness to surge by 450,000 to 2.1 million by the end of next year.

(Reporting by Daisy Ku; editing by Elaine Hardcastle)