Royal Bank of Scotland plans to eliminate almost 500 UK-based jobs in its investment bank in an effort to cut costs, a source familiar with the matter said today. 

The bank, which owns Ulster Bank here, will cut about 448 back and middle-office positions that support trading functions and provide technology services, the source said. 

At the same time, the bank will be creating about 300 similar roles in India, the person added. 

"As part of RBS's drive to be a stronger, simpler and fairer bank we have been restructuring our Corporate & Institutional Bank, as well as reducing its size, to focus on our core customers and products," the bank said in a statement. 

RBS chief executive Ross McEwan has been cutting thousands of jobs to reduce expenses in a bid to boost earnings after eight annual losses in a row. 

The latest cuts come days after the bank announced plans to eliminate 550 UK-based adviser roles to customers as the lender scales back 'in-person' advice on investment products. 

In the bank's results statement last month, RBS said it was aiming to make further savings of £800m this year.