The Royal Bank of Scotland (RBS) is cutting nearly 500 jobs in the UK. Jobs are being cut in its wealth management business with most jobs being lost at Queen banker Coutts and Co. These job cut will take place over the coming three years bringing RBS job cuts figure to over the twenty thousand mark. Royal Bank of Scotland had to be bailed out by the tax payer after major problems in the UK recession.

The bank claims that these cuts are necessary to fund the future of the business as it seems to be more of a cost cutting exercise than anything else.