Royal Bank of Scotland to cut costs by £1bn

Royal Bank of Scotland (RBS) is preparing to cut more than €1.17bn (£1bn) of annual operating costs by eliminating jobs and closing branches as it seeks to bolster profitability, said a person with knowledge of the plans.

While the Edinburgh-based lender probably won’t reveal a headline figure for role reductions, senior executives have determined RBS has more staff than it requires and will cut more jobs, said the person, who asked not to be identified because the details are private.

RBS has said it will unveil fresh plans to meet profit targets alongside annual results on February 24.