Royal Bank of Scotland, owner of Coutts, the global wealth management brand, is continuing to offload business units as it restructures operations and intends to sell its cash equity and M&A unit in the Middle East, Reuters reported, citing unnamed sources.

The news service said the exit from the cash equity and M&A business will be completed in the next few months.

RBS, which is 83 per cent owned by the UK government, will make the moves in changes under which the bank intends to cut another 4,450 jobs.

Last week, this publication reported that Coutts has launched the second stage of the overhaul of its business in changes that will see between 80 and 100 client-facing staff lose their jobs.