The Royal Bank of Scotland (RBS) is planning to shed 500 more jobs, just weeks after it announced axing 3,500 jobs from its technical and administrative centres in the UK.
The latest round of job cuts by the bank, which is 84 per cent owned by the government, will mainly impact its investment banking division in London.
"We will do all we can to support our staff, offer redeployment opportunities wherever possible, and keep compulsory redundancies to an absolute minimum," RBS said in a statement, adding that the job cuts would help it position "the right people and resources in place" to meet its client needs.
RBS recently returned to profit after posting a staggering £24.1bn loss in 2008. It has cut around 27,000 jobs since announcing its restructuring plan in 2009. The bank currently has around 160,000 employees.
RBS was asked by the European Commission to reduce its number of branches after being bailed out by the UK government in October 2008.