In a restructuring of its investment bank, RBS will shed around 2,000 members of staff over the next year and a half.
The losses amount to 20% of RBS’ current staff, taking the total of jobs cut at the bank to 41,000 since 2008.
The bank said it would focus its markets division on its core fixed income products, exiting all structured retail investor products and equity derivatives.
This news has emerged since it was revealed today that RBS’ chief executive, Stephen Hester, is to step down by the end of the year.
Read more about RBS in the news.