The latest job cuts, which will be implemented globally, is part of a previously announced restructuring process to eliminate almost 40,000 jobs, after it accepted £45bn bail out by the government during the 2008 financial crisis.

The announcement comes at a time when the lender’s CEO Stephen Hester has announced his resignation after five years of service at the bank.

It is expected that the some positions will be eliminated in the UK, while most of jobs will be scrapped in Asia as well as its other global locations.

Most recently, RBS UK retail banking arm chief executive Ross McEwan has announced that 1,400 jobs will be slashed to enable the bank to invest £700m in its UK retail arm over three years.