The Royal Bank of Scotland has declined to comment on whether or not IT jobs will be affected by a potential restructuring of its investment banking division.

According to The Sunday Telegraph, the bank is being advised by consultants from McKinsey & Co on the restructuring, which could see more than half of its Global Banking and Markets division being closed.

All 18,900 staff in the division have reportedly been warned to prepare for mass redundancies as RBS attempts to cut its costs.

However, a spokesperson for RBS said that it was just speculation and when asked to confirm if IT jobs would be included, said: "No comment."

If the plans go ahead, RBS will be one of a string of banks that have recently announced thousands of redundancies in the face of an uncertain economy.

Citigroup recently announced plans to cut 4,500 jobs, following job losses at Credit Suisse, UBS and Lloyds Bank.