Unite, the trade union for bank workers, has criticised new plans that will see Lloyds and Royal Bank of Scotland (RBS) slash a total of 1,764 jobs across the UK.
The union has condemned the cuts as "brutal" and called on the government body UK Financial Investments to provide answers for the job losses.
Unite national officer David Fleming said: "The announcement of 1,764 job cuts in these taxpayer supported institutions today is truly brutal. How can there be any justification for the government not intervening as these much needed jobs are lost from our struggling economy? To learn that 300 jobs are being transferred to a low wage economy adds insult to injury.
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"Once more these banks are attacking some of their lowest paid staff to achieve cost savings. Today is yet another devastating day for bank workers as they witness these institutions pressing ahead with massive job cuts, without any consideration as to the consequences for these individuals, their families and the economy as a whole.
"Only last week we saw massive bonuses being announced for the top bankers in these companies, yet now they have the audacity to claim efficiency savings are essential. Instead of taking away a worker's livelihood these banks should focus on adjusting and correcting the mind-blowing bonuses at the top of the organisation."
Lloyds, which is 41% taxpayer funded, is planning to slash 1,300 employees from its books, including 300 jobs from IT.
RBS, the 82% taxpayer funded bank, will slim down its workforce by 464 people, with the closure of both its Bristol and Farnborough sites, all from within Private Banking Direct.
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