Part-nationalized British lender Royal Bank of Scotland
The actual number of job losses is expected be significantly lower than this, and compulsory redundancies will be used only as a last resort, RBS said on Tuesday.
We have set a new strategy for RBS to restore the bank to standalone strength as soon as practicable, RBS Chief Executive Stephen Hester said in a statement.
To do so we need to cut our costs, as in all businesses, given the current recession.
RBS shares were down 6.7 percent at 27.8 pence at 1215 GMT (8:15 a.m. EDT), while the FTSE 100 share index was 1.9 percent lower.
(reporting by Myles Neligan; Editing by Julie Crust)