The Royal Bank of Scotland (RBS) will implement another round of redundancies before the end of the year, it has emerged.
As part of the financier's restructuring plans in the aftermath of the global economic downturn, it announced yesterday it plans to cut another 618 jobs from its UK operations.
This decision means the total number of redundancies imposed by the lender - which is 82 per cent-owned by the state - since its bailout in 2008 to approximately 36,000.
RBS explained these cuts are happening due to the fact that new banking regulations being introduced later in 2012 will require products such as savings and investment vehicles to be sold by highly-qualified staff.
A spokesman for the bank stated that while this decision had been "difficult", it is essential for the firm to "make efficiencies across our business to deliver greater value to our customers and shareholders" and continue rebuilding the financier.
By Gary Cooper