RBS has been accused of boosting profits by slashing thousands of jobs.

The banking giant, which is 80 per cent owned by taxpayers after its 2008 bailout, yesterday posted pre-tax profits of £2.65 billion for the first half of 2014 — almost double the level of the previous year.

Unite executive member Agnes Tolmie warned of yet more cuts “on the horizon” and said there would be massive payouts to bank bosses in the spring pay round.