The cuts are part of 1,600 UK redundancies planned across the company, and were announced as Royal Bank of Scotland said it was also cutting 460 jobs across its functions.

Lloyds is over 40 percent taxpayer owned, while RBS is over 80 percent publicly owned, following their bailouts during the financial crisis.

Lloyds said the 300 IT roles being offshored will be moved to its outsourcers in India. Other roles come from group operations, and its wholesale and insurance divisions.

The RBS cuts mainly affect its Bristol, Farnborough and Wimbledon sites.

David Fleming, national officer at trade union Unite, described the announcements as "brutal".