[Iran Press TV Latest] The Royal Bank of Scotland (RBS) says it plans to cut 3,700 jobs across its retail operations in Britain over the next two years. RBS, which is 70 percent owned by the British government, said in a Monday statement that the job cuts are part of its plans to restructure its Retail Banking division.
RBS and Lloyds Banking Group are two major British lenders, which were rescued by the government this year in the wake of the global financial crisis.
The firm has already unveiled 10,000 job cuts in its investment banking and back office activities in the UK, and a further 6,000 redundancies in overseas operations. It has a total workforce of 170,000, of which 105,000 are in the UK, according to the BBC.
The government is on Tuesday set to lay out plans for further changes in the two lenders.
RBS said earlier on Monday EU regulators have demanded that it sell significant parts of its assets in order to win EU support for the state aid received by the group.
Over the weekend, UK finance minister Alistair Darling announced plans for the setting up of three new high street banks from RBS, Lloyds Banking and Northern Rock.
The BBC said RBS and Lloyds will on Tuesday unveil 'a big shake-up' with taxpayer support.