Live updates

RBS expected to announce 2,000 job losses

Royal Bank of Scotland is today expected to announce 2,000 job losses in the wake of boss Stephen Hester's announcement that he is to stand down after five years at the helm.

The cuts are expected to be spread around the bank's offices across the world, but it is feared some workers in the City will lose their jobs as the global investment arm is decreased from 11,000 to 9,000.

The bank is expected to announce job cuts today.

Mr Hester will leave later this year and will receive 12 months' pay and benefits worth £1.6 million and the potential for a £4 million shares windfall from a long-term incentive scheme. But he will receive no bonus for 2013.

Read: Hester to step down as RBS chief executive



Hester: 'I really care about doing right thing by the bank'

Outgoing RBS chief executive Stephen Hester has told ITV News Business Editor Laura Kuennsberg he is "very comfortable with the decision" to leave his job in December.

He said: "I really care about doing the right thing by the bank."

Mr Hester insisted: "The issue shouldn't be about my career...I hope [for the next person] it's an easier job."

And he admitted: "For years I've lived with probability that end of RBS for me would be a bad one. The fact that's it not the case is a relief."

Load more updates


Today's top stories