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RBS to Cut 2,000 Jobs as Loss Widens on Greek Debt, Redress

Royal Bank of Scotland Group Plc, Britain’s biggest government-controlled bank, will cut about 2,000 jobs as writedowns on Greek debt and costs for compensating insurance clients pushed it into a first-half loss.

RBS became the third British bank to announce job losses this week. It will eliminate the posts in its securities unit over the next 12 to 18 months as it completes its integration of ABN Amro Holding NV, Chief Executive Officer Stephen Hester, said on a conference call today. RBS had a wider-than-estimated first-half net loss of 1.4 billion pounds ($2.3 billion).