The Royal Bank of Scotland (RBS) said it would cut 1,400 jobs over the next two years as it continues to restructure its operations.
The Edinburgh-based bank, which was bailout out by the British government at the height of the financial crisis, said the redundancies would be from its head office.
"To serve our customers well we have to ensure that our resources are focused on the things that matter most to them. That is why we are investing £175 million ($266 billion) in Scotland over the next three years in new and improving services," said the CEO of RBS' U.K. retail business, Ross McEwan, in a press release.
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"Regrettably, we can only do that by restructuring the way we work in head office, so that every effort is concentrated on supporting our customers and the frontline staff that serve them. This is clearly difficult news for our staff and we will do everything we can to support them, including seeking redeployment opportunities wherever possible, to ensure compulsory redundancies are a last resort."