The Royal Bank of Scotland (RBS) has announced it is to shed around 2,600 jobs over the coming year.
Since being bailed-out by the government in 2007, the bank has attempted to dramatically cut its costs, already resulting in 20,000 jobs being axed across its global business.
The majority of the new cuts will be implemented in the organisation's insurance division, with 600 employees at its retail banking arm also facing redundancy.
Direct Line, Green Flag, Churchill and Privilege are all part of the RBS insurance arm, which currently employs around 16,000 people.
RBS - which has been 84 per cent-owned by the taxpayer since 2007 - has pledged it will try to minimise the imminent job cuts.
"We are working hard to rebuild RBS in order to repay taxpayers for their support and having to cut jobs is the most difficult part of this process," the group said.
"We have strived at all times to be open and honest about the tough choices we are making."
The European Commission has demanded that RBS sell some of its businesses following the government bail-out, including branches in England and Wales.
