[ by Melanie Gretchen ]

RBS employees: Fill in the blank: If you're an _________, you may need a new job.

Who's Out. Royal Bank of Scotland Group Plc said it would cut 300 more jobs at its investment banking unit – as part of reducing 3,800 jobs at the division by Q4 of next year.  By the end of this year, 3,000 of those will be completed, the bank said.

Britain’s biggest government-owned lender initially set a target of 3,500 job cuts, according to slides based on a presentation to be delivered by John Hourican, chief of markets and international banking, to analysts today.  Since assuming the helm in 2008, CEO Stephen Hester has taken an active role in shoring up loose ends.

Recent changes include:

• assets cut by more than £800 billion ($1.3 trillion)
• 36,000 jobs eliminated
• RBS’s securities and Irish units scaled back
• 618 branch-based financial advisers eliminated as regulators force lenders to charge clients for the service.
• Direct Line, the insurance unit of RBS, will cut almost 900 jobs as part of targeted annual savings of £100 million before its IPO in October

For further details, go to [Bloomberg, 9/24/12].