Royal Bank of Scotland may cut another 5,000 jobs as part of a major restructure of its global investment banking division.
The group was set to cut around 2,000 jobs after completing the integration of its deal with ABN Amro in 2008.
However, according to reports, a fall in markets and a weaker outlook in the eurozone may see that number jump to 5,000, according to a source at the firm.
RBS has launched a review into its global banking and markets division and it is expected that chief executive Stephen Hester may cut more of the banks European outposts to focus on the UK and the US. RBS has already cut back its investment banking operation since the credit crisis by withdrawing from 12 countries.
RBS posted a £794m loss earlier this year due to its exposure to the troubled Greek economy. It also had to introduce an £850m provision to cover the compensation for misselling payment protection insurance.