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Employment massacre in the City as RBS cuts 3000 adrift

While many in the City knew this day was coming, news that Royal Bank of Scotland is in the process of finalising 3000 job cuts across the group has brought a reality check to many in the UK financial sector. While it is not sure exactly where the staff reductions will be focused it seems as though the investment banking business is the main target.

This comes a time when Citigroup has also announced plans to reduce its workforce by up to 10,000 worldwide. There are currently 12,000 Citigroup staff in the UK and it seems inevitable that many will see their jobs come under threat. This is yet further evidence that the UK investment banking sector is struggling to make ends meet and is feeling the pressure on many sides.

Depending upon who you speak to it seems as though these initial moves are just the tip of the iceberg and we could see unemployment in the City along the same lines as that seen after the 1987 crash. If that were the case then there are literally tens of thousands of more jobs on the line which will add further numbers to the UK unemployment figure and place more pressure on the Bank of England and the government.

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