The job cuts comes in the wake of the banking sector, especially investment banking activities, facing difficult times amid the persisting European debt turmoil.

"As many as 10,000 bankers at Royal Bank of Scotland (RBS) face the prospect of losing their jobs, as the state-owned UK bank draws up detailed plans to retreat from investment banking," British daily Financial Times reported.

The publication noted the job cuts - combined with an expected 1-2 billion pounds of restructuring costs - are the

worst-case scenario in plans being considered by RBS Chief Executive Stephen Hester.

In a separate report, the daily said that Societe Generale was considering about 1,580 jobs cuts at its corporate and investment bank.

"The job losses will include 880 voluntary departures in France, where most of the division's employees are based, and 700 job cuts in other countries," Financial Times said, quoting a spokesman of Societe Generale.

In a statement issued yesterday, Societe Generale had said it was looking at reducing the number of positions in its corporate and investment banking division by about 880 in France.

"Like other European banks, Societe Generale has been stepping up since the summer the structural adaptation of its corporate and investment banking activities... in order to face a tougher economic and regulatory environment," it said.

Both RBS and Societe Generale are present in India.