3,500 set to lose job at RBS

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Taxpayer-backed Royal Bank of Scotland has announced around 3,500 job losses over the next three years in a bid to downsize its investment banking arm.

The move at Global Banking and Markets (GBM), which has employees in Stoke, Manchester, Edinburgh and London, follows Government pressure for the 83 per cent state-owned bank to pull back from its ambitions to be a global investment player.

GBM, which employs 18,900 worldwide, offering a range of financial services such as debt advice and equity trading.

The job losses come amid reports that John Hourican, the head of GBM will pick up £4 million in long-term incentive shares that he was awarded in 2009.