Royal Bank of Scotland has climbed more than 16% in early trading this morning after weekend reports suggested it could offload up to a quarter of its non-core businesses.
The news has sent the financials sector soaring, powering the FTSE 100 up 69.43 points, or 1.79%, to 3,958.49.
RBS is up 16.06% to 22.40 so far as it looks to sell-off a number of assets including its most toxic debt. Between 10% and 20% of its global workforce could be at risk under the reported plans.
Elsewhere in the banking sector, Lloyds Banking Group is up 8.7% to 61.20 and Barclays is 7.46% ahead to 102.30.
Insurers are also doing well, with Legal & General advancing 8.62% to 37.80 and Friends Provident 7.34% higher to 79.
In Asia overnight, the Tokyo's Nikkei fell 40.22 yen, or 0.54%, to 7,376.16 and Hong Kong's Hang Seng lifted 475.93 points, or 3.75%, to 13,175.10.IFAonline
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