A are taking place in investment banking, wealth management and retail banking, outside of the GISD division, but expected to affect back office staff extensively.

In another job cuts announcement today, insurer Legal & General said it will make 560 staff redundant at processing centres across the country, affecting back office staff and call centre operators.

Rob MacGregor, national officer at union Unite, expressed his alarm at all the cuts announced on one day. "The union is calling on the financial services sector to ensure that it does not simply take short-term decisions to cut staff, without consideration for future levels of service and their ability to recover from the recession," he said.