More job cuts on horizon at RBS

The Royal Bank of Scotland last week pledged to scrutinise costs across the organisation as it revealed that more job cuts are in store.

At the bank’s annual general meeting on Friday chairman Sir Philip Hampton said RBS is looking to make annual cost reductions of £2.5bn in the next few years.

He says: “In the UK this year so far we have said that around 2,700 posts will go. This will not be the end of the story and more cuts are expected in the UK and internationally in the period ahead.”