RBS may be preparing another round of cuts at Ulster Bank

Royal Bank of Scotland Group's (RBS) Irish unit is preparing its second round of job cuts in four years as part of an effort to save about €50m ($63.9m), according to two people with knowledge of the plan, Bloomberg News reports.

Dublin-based Ulster Bank, which eliminated 1,000 jobs in 2009, or about 14% of its workforce, plans to make an announcement tomorrow, said the people, who declined to be identified as the talks aren't yet complete.

Not all of the savings will come from eliminating jobs, one of the persons said.

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Its Edinburgh-based parent is expected to tomorrow unveil plans to close its equities and corporate finance units globally, cutting as many as 5,000 jobs.

RBS pumped about €2.7bn of capital into Ulster Bank up to the end of 2009, according to records in Dublin's Company Registration Office.

As of 9:43am shares of Royal Bank of Scotland are trading up by 2.7%, to 21.71p.

AB