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RBS to axe 3,500 jobs

Royal Bank of Scotland has announced that thousands of jobs are to be axed in an attempt to trim costs and improve its profitability.

The part-nationalised bank revealed that it would need to cut 3,500 jobs.

Royal Bank of Scotland, which is 83pc owned by the British taxpayer, has already shed more than 20,000 employees.

The latest cuts come after a decision in May to shed 2,600 posts at RBS's insurance and British retail banking operations.