RBS could cut a whopping 30,000 jobs

The Royal Bank of Scotland is set to cut up to 30,000 jobs in an enormous round of job cuts.

Up to a quarter of the bank’s 120,000 staff could be made redundant as RBS struggles with financial losses.

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In its annual results next Thursday the bank will announce it has made a huge £8bn loss after a number of mis-selling scandals. It is also under investigation from the Serious Fraud Office after allegations it deliberately pushed its small and medium-sized business customers out of business.

The 81% taxpayer-backed bank is expected to announce it will focus more on its smaller business customers and retail banking, and drop out of aggressive investment banking operations.

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