The Royal Bank of Scotland (RBS) is set to cut 30,000 jobs in a cost-cutting led restructure, according to reports.

The job losses are part of RBS chief executive Ross McEwan's cost cutting programme and are expected to reduce the bank’s workforce, currently at 120,000 employees by 25% over the next three to five years according to the Financial Times.

RBS is expected to cut 11,000 from its investment bank and also cut numbers from its finance, risk and accounting, with18,500 jobs also expected to go from the sale of its US retail and commercial bank Citizens.

Further events to decrease the bank’s headcount include its planned float of the Williams & Glyn business which employs 4,500 staff and the wind-down of its non-core business will cut another 1,400 roles.