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RBS set to cut another 2,000 jobs

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Royal Bank of Scotland (RBS) has announced it expects to cut a further 2,000 jobs in its investment bank, taking the total number of job losses since 2008 to nearly 40,000.

The news comes a day after chief executive, Stephen Hester, announced he is stepping down from his job at the bank later this year.

The job cuts will be spread worldwide as the 81%-publicly-owned bank is looking to restructure its investment banking business ahead of its reprivatisation.

The job cuts represent just under one-fifth of the employees in the division, totalling more than 11,000.

Last month, RBS announced it was cutting a further 1,400 jobs at its retail banking head office, adding to more than 35,000 redundancies already unveiled since the banking crisis.