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RBS to slash 3,000 jobs, reports say

Royal Bank of Scotland is reported to be axing up to 3,000 staff across its worldwide operations as the as global recession intensifies in the financial services sector.

The UK bank, which is raising as much as £20bn from the British government to prop up its balance sheets, is speculated to be cutting positions in its global banking and markets work force in an effort to survive the economic downturn.

RBS has around 170,000 staff worldwide, of which approximately 100,000 are in Britain.

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