LONDON (AP) — The part-nationalised Royal Bank of Scotland says it is cutting 500 jobs in its wealth management division.

RBS has been cutting staff since it was bailed out by the government during the financial crisis, leaving the bank 80 percent owned by taxpayers. Yesterday's announcement brings the total number of jobs lost worldwide to 23,100.

RBS has accelerated its plans to restructure the business since the European Commission ordered it to sell 318 branches and the insurance business to soothe competition concerns after the state rescue.

The banks says the latest cuts will be made over three years and that it will try to minimise compulsory lay-offs.