RBS to slash 3,000 banking jobs - papers


Royal Bank of Scotland (RBS), the struggling bank, is preparing to axe up to 3,000 staff across its worldwide workforce as it braces itself against the onslaught of the global recession, The Times reports.

Up to 1,000 jobs are expected to be lost in the UK, and today's latest spate of cuts brings the total number of bring the total number of British jobs lost this week to above 16,000. Yesterday, BT underscored the arrival of the financial crisis in the real economy as it unveiled plans to cut 10,000 jobs by the end of March, following workforce reductions elsewhere at Virgin Media, Yell and GlaxoSmithKline. RBS will reduce its workforce in its global banking and markets division, with around third of the workforce based in the UK. AMERICA'S TOP HEDGE fund managers staunchly defende...

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