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Report: RBS to cut 650 permanent London IT staff by 2020

Royal Bank of Scotland Group Plc has informed employees that it intends to cut 650 permanent staff and 230 contractors from its London IT function by 2020, according to the U.K.-based Unite union.

The trade union said the U.K. government backed lender had 2,200 IT employees in 2016 but that this figure will have fallen to 950 by 2020. Unite branded RBS' latest job cutting announcement as "wholly unacceptable."

RBS, in which the government owns a 71% stake, reported a second-quarter consolidated net profit attributable to shareholders of £680 million, compared to a loss of £1.08 billion in the year-ago period. The bank also reported first half attributable net profit of £939 million, compared to a net loss of £2.05 billion in the year-ago period.