U.K.'s RBS to Cut 3,000 Jobs: Report

Royal Bank of Scotland (RBS Quote - Cramer on RBS - Stock Picks) plans to cut about 3,000 jobs in the next few weeks, the BBC reports.

The positions will be cut in the company's global banking and markets work force, spanning more than 50 countries, according to the report. The bank's High Street operations and those of subsidiary NatWest aren't expected to be affected.

RBS, which predicts its first annual loss this year, hopes to raise 20 billion pounds as part of the U.K. government's bailout plan.

The bank employs about 170,000 people, of which roughly 100,000 are in the U.K.

RBS declined to comment in detail on the job cuts, the BBC reports.

The news of the job cuts at the bank follow news Thursday that BT Group (BT Quote - Cramer on BT - Stock Picks) plans to cut 10,000 posts by March.