RBS said to cut at least 900 jobs

Royal Bank of Scotland is reportedly set to cut its workforce by 900 jobs in its latest round of restructuring and cost-cutting measures.

Reuters cited sources as saying that RBS, which is 73% owned by the government and employs over 90,000 people, will cut jobs in the technology and back office operations which support commercial, retail and private bank operations.

This latest round of job cuts would take the total number of layoffs in the last four months to 5% of the British workforce and would be affect staff in London, Edinburgh, Manchester and Birmingham.

The bank, which received a £45bn bailout from the state in 2008, hopes to restructure into a UK-focused commercial and retail bank and shrink its global assets.

In a statement to Reuters, RBS said: "We understand how difficult this is for our staff and will be offering as much support as we can, including redeployment to other roles where possible."

The bank has been shedding jobs since the beginning of the year, with at least 2,600 positions lost up until May.

RBS cut 450 positions in the investment banking division earlier this year, from its back and middle office. In April, it also announced 32 branches were to close.

Chief executive Ross McEwan said in February that about £800m of cost savings would be made in 2016.