The bank is cutting a fifth of its workforce, just days after shareholders backed a rescue deal.

The struggling lender is to cut a fifth of staff, and rival Lloyds announces more branch closures.

Nearly 93% of votes cast by shareholders backed the package which will raise extra funds.

Anthony Thomson says the bank's strategy of continuing to focus on High Street branches is "flawed".

The lender raises extra funds from investors after a weekend of intense speculation about its future.

Its shares sank by as much as a third in early trading, after reports it needs to raise £600m.