RBS cuts another 3,500 jobs

RBS has announced a further 3,500 job cuts across England and Scotland in the firm’s technical and back office divisions.

It comes on top of the 4,000 job losses announced last year as the majority taxpayer-owned institution seeks to restructure its business.

As a result of the latest measures, up to 12 offices will also be closed, with the downsizing scheduled to take place over the next two years.

The job losses come partly as a result of the sale of 318 high street branches to Santander, which resulted in the reduction of the number of customers and transactions, according to the BBC.

It has been estimated that more than 20,000 jobs have been axed since the firm become one of the biggest casualties of the economic downturn.