Royal Bank of Scotland (RBS) has announced it is set to slash 1,400 jobs as part of its latest round of cost-cutting measures.
Although no customer-facing members of staff are expected to lose their roles as a result, it is thought the majority of the 1,400 employees will be from Edinburgh.
Ross McEwan, the chief executive of RBS's UK retail operations, stated redeployment options will be considered wherever it is possible to do so and noted compulsory redundancies are a last resort.
"To serve our customers well, we have to ensure that our resources are focused on the things that matter most to them," he said.
RBS has cut more than 35,000 jobs since it had to be bailed out by the government in the middle of the recession. It remains 80 per cent owned by the taxpayer.
The share price of RBS jumped by more than four per cent today (May 16th) on the back of the news of the job cuts.
At 15:13 BST, stocks were trading for 319.80, a rise of 13 points on the start of the day's trading.
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