Britain faced more jobs misery on Friday over plans by Royal Bank of Scotland to axe around 3,000 staff.
The bank, which is in line for a £20 billion taxpayer handout to help shore up its finances, is understood to be cutting the posts from its global banking and markets workforce over the coming weeks.
The bank’s workforce is spread over 50 countries with a major base in the City of London, and has been the area of the group hardest hit by the credit crunch.
A spokeswoman for RBS declined to comment in detail about the job cuts.
But she said: “We constantly review our operating model to make sure that it is appropriate to the market condition, and take action accordingly.”
RBS has around 170,000 staff in total, of which about 100,000 are in the UK.
Losses take their toll
It is understood that RBS’s high street operations, including those of subsidiary NatWest, will be unaffected by the job cuts.
Staff in Scotland are also expected to escape the axe.
Stuart Davies, an official with the Unite trade union, reacted with alarm to the bank’s job losses.
He told The Scotsman: “Unite is very concerned to learn of the possibility of RBS culling 3,000 jobs worldwide.
“The bank must meet the union urgently in order to begin a meaningful consultation on any possible changes. Unite cannot accept a situation where staff are finding out about job cuts in the media as they head to work.”
RBS took losses of £1 billion last month alone in its investment banking division, which followed a £700 million loss from the operation in September.
Check out our guide for more information on RBS.
For daily consumer news, subscribe to the Which? news RSS feed here. If you have an older web browser you may need to copy and paste this link into your newsreader: https://www.which.co.uk/feeds/reviews/news.xml . Find out more about RSS in the Which? guide to news feeds.