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, spanning more than 50 countries.
The positions will go in the firm's global banking and markets workforce, spanning more than 50 countries.
It is understood 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 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 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.
"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."
"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.
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.
Unemployment figures
The news of RBS's cuts comes within 24 hours of BT saying it will have cut 10,000 posts by March next year.
Recent days have also seen announcements of a total of more than 5,000 jobs axed by Virgin Media, Yell, GlaxoSmithKline and JCB.
Official figures earlier this week revealed UK unemployment in the three months to September at an 11-year high of 1.82 million.
Meanwhile, Prime Minister Gordon Brown will join a meeting of 20 world leaders in Washington this weekend for a summit on the global economic downturn.
Earlier this month, RBS 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 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 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. />
The government will also directly buy preference shares in the bank - worth a total of £5bn. />
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