The BBC has leaked a memo from the RBS CFO, Chris Kyle, revealing 11 new cost cutting initatives with IT spending freeze at the top of the list.

The memo states that a "Freeze on hardware and software spend to be implemented for the remainder of the year. Direct approval rights to be withdrawn from cost centre users. All hardware and software spend must contain the approval of the relevant ExCo member and Regional CFO so that it can be considered on an exceptional basis."

RBS is also set to cut up to 5,000 jobs, according to reports, with up to 1,000 UK jobs threatened. The bank is 83% owned by the UK public.