Royal Bank of Scotland is preparing to cut more costs and chop more workers, but played down reports it will cut 15,000 staff in the next round of shrinking.

The troubled bank is expected to report losses of £2.3bn for 2016 when it publishes its financial results later this month, its ninth consecutive year in the red.

A spokesman said “we do not recognise” the 15,000 job cuts number which was reported in the Sunday Times.

The bank is expected to continue its strategy of slimming down, but the spokesman declined to put a figure on expected job cuts.