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RBS: Job losses 'clearly difficult news for our staff'

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 £700 million in the next three years in new and improving services.

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.

– Ross McEwan, chief executive of RBS' UK retail arm

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Boris: EU bonus cap is 'deluded measure'

Mayor of London Boris Johnson. Credit: REUTERS/Phil Noble

Boris Johnson has branded the EU's proposed bonus cap a "deluded" and "self-defeating" policy.

The Mayor claims that limiting bonuses to a maximum of twice a banker's salary will only serve to boost financial centres outside the EU.

He said: "People will wonder why we stay in the EU if it persists in such transparently self-defeating policies. Brussels cannot control the global market for banking talent. Brussels cannot set pay for bankers around the world.

"The most this measure can hope to achieve is a boost for Zurich and Singapore and New York at the expense of a struggling EU. This is possibly the most deluded measure to come from Europe since Diocletian tried to fix the price of groceries across the Roman empire."