Royal Bank of Scotland (RBS) is to cut about 3,000 jobs in the next few weeks, the BBC has learned.
Royal Bank of Scotland (RBS) is to cut about 3,000 jobs in the next few weeks, the BBC has learned.
The positions will go in the firm's global banking and markets workforce, which is spread over 50 countries.
The positions will go in the firm's global banking and markets workforce, spanning more than 50 countries.
It is understood that its High Street operations, and those of subsidiary NatWest will be unaffected.
It is understood its High Street operations, and those of subsidiary NatWest will be unaffected.
RBS has been hit hard by the global credit crunch, and last month it was announced that it will receive a £20bn bail-out from the government.
RBS is predicting a first annual loss this year. As part of its bail-out, it hopes to raise £20bn, with at least £5bn coming from the government.
"RBS is paying the price for lending far too much in the good times," says BBC business reporter Nick Cosgrove.
"It had too much exposure to the sub-prime market in the United States and it overpaid for the giant Dutch bank ABN Amro at the height of the boom."
Sub-prime loans are those to people with poor credit records. An RBS consortium paid 71bn euros ($91bn; £61bn) for ABN Amro in October 2007.
Earlier this month, the lender announced expectation of a first full-year loss in its almost 300-year history.
The announcement followed a £691m loss in the first half of the financial year.
The bank also detailed plans to raise up to £15bn from investors by selling shares at 65.5p each. If the shares are not taken up, the government will acquire them.
The government will also directly buy preference shares in the bank - worth a total of £5bn.
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