Britain is facing more jobs misery over plans by Royal Bank of Scotland to axe about 3,000 staff.
The bank, which is in line for a £20 billion taxpayer handout to help shore up its finances, is understood to be cutting the posts from its global banking and markets workforce over the coming weeks.
The bank's workforce is spread across 50 countries, with a major base in the City of London, and has been the area of the group hardest hit by the credit crunch.
A spokeswoman for RBS declined to comment in detail about the job cuts.
But she said: "We constantly review our operating model to make sure that it is appropriate to the market condition, and take action accordingly."
RBS has about 170,000 staff in total, of which about 100,000 are in the UK.
Earlier this month the group's new chief executive, Stephen Hester, signalled a round of cost cuts in the wake of the bank's rescue package from the Government. "Costs are one of the things we need to look at," he said.
Derek Simpson, joint leader of the Unite trade union, said it was "unacceptable" that RBS staff were hearing about possible job losses in the media as they travelled to work.
"If the reports today of job cuts are confirmed, then this is a terrible day for RBS. Job losses of this scale will have a devastating impact on the RBS workforce.
"The bank must meet with Unite as a matter of urgency to begin consultation on any proposed business changes. The taxpayer support for the financial services sector means that these organisations must consider the implications of any job losses for the wider communities within which they operate, including their workforce."
