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Royal Bank of Scotland set to wield the axe

It has been revealed that Royal Bank of Scotland boss Stephen Hester is set to announce one of the most severe cost-cutting exercises in the history of the UK banking sector. If the rumours are correct, this week could see between 10,000 and 20,000 job cuts at Royal Bank of Scotland which would decimate the workforce. The company is set to announce losses rumoured to be approaching £30 billion after severe write-downs on its loan book and a marked constriction of its business activities.

Royal Bank of Scotland is another UK institution which is under government control in all but name with taxpayers by far the largest shareholder in the group. As we see tens of thousands of job cuts announced by the likes of Royal Bank of Scotland and the other leading UK banks many people are starting to wonder how business could collapse in such a short space of time and affect so many people.

Unfortunately, this is the world we live in today, a world where the economy of the UK is under severe threat and on the verge of a possible depression if rescue packages and stimulus programs do not kick in very soon. While mention of the "D" word has effectively been banned by the authorities, more and more analysts are starting to look at the comparisons between now and the 1930s (the great US depression).

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