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Layoffs Watch '09: RBS

The Royal Bank of Scotland might've set a new record for losses in UK corporate history last year, requiring the gov to step in and stop the ass bleeding, but do not fear 'cause just this morning CEO Stephen Hester announced a "new strategy for RBS to restore the Bank to standalone strength as soon as practicable." That strategy is: shitcan lots of employees. The firm plans to cut approximately 9,000 jobs. Oh, and PS:

RBS also said on Tuesday that its latest placing and open offer has been snubbed by investors, with only 0.7 per cent taking it up. This means the government stake in RBS has risen from 58 per cent to 70 per cent.