Trade union Unite has criticised 3,500 job cuts announced by the Royal Bank of Scotland today, labelling the move as a 'horror story'.

Rob MacGregor, national officer for Unite, said, 'Just three weeks ago staff were boosted to hear of the £1.1 billion half year profit yet today thousands of them are told that they have no future at the bank.

'Unite is appalled that this 84 per cent tax payer supported institution has since 2009 - under the banner of a strategic review - cut 21,500 staff.'

MacGregor said the scale of the cuts would leave many staff reeling, with the brunt of the cuts being made in business services outsourcing and technology services.