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Royal Bank of Scotland to cut 14 000 jobs

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(Andy Buchanan, AFP)

London - Britain's state-rescued Royal Bank of Scotland will axe up to 14 000 jobs by 2019 in a retreat from investment banking, the Financial Times reported Wednesday.

The daily business newspaper, which cited people familiar with the matter, said the lender could shed as much as 80% of its investment banking division, which employs a total of 18 000 people.

A spokesperson for RBS, which is about 80% state-owned, declined to comment on the press report.

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