The Royal Bank of Scotland (RBS) today announced its plan to cut 3,500 jobs as part of a reorganisation of its investment bank, which will see the sale or closure of the equities and corporate broking divisions.

The UK economy has "significantly weakened" with domestic demand at a two-year low, but a recession is not inevitable, the latest quarterly survey by the British Chambers of Commerce (BCC) concludes.

The coalition government is to abandon plans to scrap the 50p top rate of tax despite rising pressure from business leaders.

A former chief executive officer of UBS AG's wealth management unit who is challenging a £100,000 FSA fine was yesterday accused of failing to control the activities of his team, allowing them to make up to 50 unauthorised trades per day.

A group campaigning for a judicial review into the Arch cru investment funds scandal has had its initial request rejected by the High Court.

US stocks climbed overnight on upbeat economic data and a successful Spanish bond auction, lifting investor hopes of the fabled year-end 'Santa Claus rally'.

Barclays was among six global banking groups to be downgraded by Fitch last night, with the ratings agency pointing to challenging financial markets.

The eurozone faces a "mild" recession in the first half of next year, restricting full-year economic growth in the region to just 0.1%, according to Ernst & Young.

London's leading share index has made a subdued opening in early trading, with investors returning cautiously to stocks after yesterday's sell-off.

HSBC has announced it will take responsibility for all customers mis-sold investment products by NHFA, a care fees advice business it acquired in 2005.