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RBS to cut more jobs

Royal Bank of Scotland chairman Philip Hampton has revealed that the bank will be cutting further jobs on top of the 2,700 already announced.

In a speech Hampton will give at the annual general meeting later today, he will say the bank’s financial results for 2008 were very poor, with a post-tax loss of £7.9bn and £16bn of writedowns on the ABN Amro deal.

He will argue that it would not be appropriate to pay any dividend this year, although he hopes to resume payments as soon as possible.

Hampton is also set to call for an end to the “public flogging” of bankers.

He will say: “I believe we should bring an end to the public flogging and focus on the good and enduring people and businesses of RBS and allow them to earn our way back to success.”

He will point out that the majority of RBS staff earn less than £21,000 and are not “fat-cats or City slickers”.

He will also say: “In the UK so far we have announced around 2,700 posts will go.

“We can only be honest and say this will not be the end of the story and more are expected in the UK and internationally in the period ahead.”

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