U.S. Markets closed

Royal Bank of Scotland to trim 1,800 jobs

LONDON (AP) -- Taxpayer-owned Royal Bank of Scotland said Tuesday it plans to cut as many as 1,800 jobs at its Ulster Bank division by 2016.

The number, outlined to investors, includes 950 job losses previously announced as the bank closes dozens of branches, mainly in rural areas, the RBS group said in a statement. The company expects the additional cuts will be achieved through attrition.

RBS has announced thousands of cuts since it was rescued by the British government in 2008 during the financial crisis.

There's been an ongoing effort to restructure RBS, which is more than 80 percent owned by the British taxpayer after receiving a 45 billion-pound ($71 billion) bailout. The cost of the rescue has weighed on British public finances, and political leaders have been anxious to return the bank to the private sector so taxpayers can be repaid.