FTSE slides on RBS job cuts

Royal Bank of Scotland (RBS) has been the afternoon's biggest loser, down 7.72% to 27.5p while Old Mutual has dropped 7.59% to 53.6p, as at 3.09pm GMT. It comes after RBS announced 9,000 staff could lose their jobs in the next two years, with half of them in the UK. RBS has also announced that its latest placing and open offer has been rejected by investors with only 0.7% taking it up. This means the government stake in the bank has risen from 58% to 70%. Lloyds Banking Group has also fared badly in this afternoon's trading, falling 7.03% to 74.1p. Aerospace company BAE Systems has ...