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RBS to axe up to 9,000 more jobs

The Royal Bank of Scotland will axe up to 9,000 jobs over the next two years, half of those in the UK.

The cuts come as part of a restructure of its back-office operations, in particular its group manufacturing division.

RBS says the actual number of job losses is expected be “significantly lower than this”, and compulsory redundancies will be used only as a last resort.

In a statement RBS chief executive Stephen Hester said: “We have set a new strategy for RBS to restore the bank to standalone strength as soon as practicable. To do so we need to cut our costs, as in all businesses, given the current recession.”

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