UK: RBS announces further job cuts

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Royal Bank of Scotland plans to cut an additional 500 jobs – principally in investment banking – on top of the 3 500 positions which it recently revealed it was losing from its technical and back office division.

RBS has scheduled some 27 000 redundancies since its restructuring began in 2009 with some sources believing that the final figure could reach 30 000.

The bank is currently 84% state-owned and made a profit of £1.14bn in the first six months of 2010 after posting losses of £24.1bn for 2008, the largest in UK corporate history.