RBS to slash 3,000 jobs

The Royal Bank of Scotland (RBS) is to slash 3,000 jobs in its global banking and markets departments as it awaits a £20bn payout from the UK Government.
At present the bank has 170,000 staff of which around 100,000 are based in the UK. It is understood that RBS's high street operations, including those of subsidiary NatWest, will be unaffected by the job cuts. Bank staff in Scotland are also expected to escape the axe.
Earlier this month the group's new chief executive, Stephen Hester, revealed that there would be cost cutting measures following the bank's rescue from the Government.
The news comes after BT announced it was shedding 10,000 jobs globally. The merger of Lloyds TSB and HBOS is also expected to result in job cuts. Unemployment rose to 1.825m this week - its highest level for 11 years.