More jobs to go at RBS

The Royal Bank of Scotland has revealed there are more job losses yet to come ahead of the part-nationalised bank’s annual general meeting later today.

Sir Philip Hampton, chairman of RBS, is to outline to shareholders the lender’s planned annual cost reductions of £2.5bn to be set over the next three years.

He says this will mean an as yet unknown number of job cuts, on top of those already announced.

He will tell shareholders: “Many difficult decisions lie ahead.

“Chief among these will be the need to achieve the annual cost reduction targets of £2.5bn that we have set within the next three years.

“All costs will be scrutinised from our back offices to our highest offices.”

Sir Philip will add: “Clearly this will mean that some of our people will lose their jobs.

“In the UK this year so far we have announced around 2,700 posts will go.

“We can only be honest and say that this will not be the end of the story and more are expected in the UK and internationally in the period ahead.”

Sir Philip will also call for “an end to the public flogging” which the bank has been subject to as a result of the row over former RBS chief executive Sir Fred Goodwin’s £703,000-a-year pension and the biggest loss in UK corporate history.