The Royal Bank of Scotland's new chief executive of global banking and markets, John Hourican, has made his first reshuffle of senior management as the division prepares for 2,700 job cuts globally.

In a memo to staff, Hourican, who was named to the post this month, said the range of business lines in global banking and markets will not be radically altered, but rather job cuts will come from a series of downsizings across teams and coverage groups.