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| RBS to cut 3,000 jobs worldwide | RBS to cut 3,000 jobs worldwide |
| (about 2 hours later) | |
| 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 its global banking and markets workforce, spanning more than 50 countries. Jobs are likely to go in the City of London. | The positions will go in its global banking and markets workforce, spanning more than 50 countries. Jobs are likely to go in the City of London. |
| It is understood the bank's High Street operations, and those of subsidiary NatWest, will be unaffected. | It is understood the bank's High Street operations, and those of subsidiary NatWest, will be unaffected. |
| RBS, which predicts its first annual loss this year, may get up to £20bn from the government's bail-out plan. | |
| Paying the price | Paying the price |
| The bank employs about 170,000 people, of which roughly 100,000 are in the UK. | The bank employs about 170,000 people, of which roughly 100,000 are in the UK. |
| RBS declined to comment in detail on the job cuts. "We constantly review our operating model to make sure it is appropriate to the market condition, and take action accordingly." | RBS declined to comment in detail on the job cuts. "We constantly review our operating model to make sure it is appropriate to the market condition, and take action accordingly." |
| "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. |
| We constantly review our operating model to make sure it is appropriate to the market condition RBS History: Royal Bank of Scotland | We constantly review our operating model to make sure it is appropriate to the market condition RBS History: Royal Bank of Scotland |
| "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. |
| Job cuts | Job cuts |
| The news of RBS's cuts comes within 24 hours of BT saying it will cut 10,000 posts by March next year. | The news of RBS's cuts comes within 24 hours of BT saying it will cut 10,000 posts by March next year. |
| Director General of the British Chambers of Commerce, David Frost | Director General of the British Chambers of Commerce, David Frost |
| Recent days have also seen Virgin Media, Yell, GlaxoSmithKline and JCB announce a total of more than 5,000 job cuts. | Recent days have also seen Virgin Media, Yell, GlaxoSmithKline and JCB announce a total of more than 5,000 job cuts. |
| Official figures this week revealed UK unemployment in the three months to September was at an 11-year high of 1.82 million. | Official figures this week revealed UK unemployment in the three months to September was 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. | 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. |
| Losses mount | Losses mount |
| Earlier this month, RBS announced it expected to reveal its first full-year loss in its almost 300-year history. | Earlier this month, RBS announced it expected to reveal its 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. |
| Are you affected by these job cuts? | Are you affected by these job cuts? |
| Send your comments using the post form below, or text 61124. | Send your comments using the post form below, or text 61124. |
| In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. | In most cases a selection of your comments will be published, displaying your name and location unless you state otherwise in the box below. |