The Royal Bank of Scotland plans to eliminate 3,500 jobs in its investment banking division over the next 3 years in response to volatility in global financial markets. The bank, in which the U.K. government holds an 82% stake, plans to focus on a smaller number of businesses, by selling off unprofitable operations and restructuring its wholesale banking division.  First to go are its cash equities, corporate brokerage, equity capital markets and M&A businesses. RBS has already implemented some cost-cutting when it eliminated 2,000 investment banking jobs during the second half of 2011.  All told, since 2008, the bank has shed more than 30,000 employees.   [Dealbook 1/12/12]