The Royal Bank of Scotland (RBS) has announced it will cut 3,500 jobs from its UK-based technical and back-office division.
About 1,000 information technology jobs and 2,500 support service positions will be downsized in tune with the demands of the European Union for the £54bn bail-out the bank received two years ago.
"Having to cut jobs is the most difficult part of our work to rebuild RBS and repay taxpayers for their support," RBS said in a statement. "We continue to make efficiencies across our business and adjust our plans in line with the divestments we have been required to make by the European Union."
RBS has eliminated 27,000 jobs under chief executive Stephen Hester since the bank came up with a restructuring plan in 2009. The sale of 318 RBS braches to Santander has been responsible for approximately one-third of the cuts.
The Unite trade union used the term "horror story" to describe the latest decision to cut jobs.
RBS, which is 80 per cent government-owned, has returned to profits after reporting a record £24.1bn loss in 2008.
