Royal Bank of Scotland has dismissed as many as 200 staff in its global banking and markets business this week, it emerged yesterday, as the credit crunch continues to take its toll. Financial Times, The Times, Daily Telegraph

The jobs were cut mainly in RBS's leveraged finance, real estate lending and securitisation operations and are thought to have been made as a result of the continued downturn in the global financial markets rather than due to the bank's merger with ABN Amro.