The Royal Bank of Scotland revealed today that it was shedding 3,000 jobs from its global banking and markets division. The responsibility for overseeing the cuts will fall on the division’s new 38-year old chief executive, who has been in the job for little over a week.

John Hourican took the job at the start of the month following the departure of Brian Crowe, the division's previous chief, who left in October due to ill-health.