The Royal Bank of Scotland (RBS) has said it will cut a further 3,500 jobs, with most of them to happen this year.
The cuts are part of a reorganisation and shrinkage of its investment bank.
The losses, which will be split between its UK and international offices, come on top of 2,000 cuts announced earlier.
A further 950 jobs are also to go at Irish subsidiary Ulster Bank, split between 350 in Northern Ireland and 600 in the Irish Republic.
New focus
RBS’ “wholesale banking” business, which provides services to large clients including investment banking services, will be split into separate “markets” and “international banking” divisions.
The new markets division – which comprises RBS’ main trading activities – will focus on the bank’s traditional strengths of debt, currency and money markets, the bank said in its statement.
The international banking division will provide services for the bank’s biggest clients.
These will include corporate advisory services transferred from its investment bank – such as helping major companies borrow money by issuing bonds – as well as cash management and payments services.
The bank has already shed some 30,000 employees over the last two years, 22,000 of them in the UK.
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