A Lloyds Banking Group spokeswoman said: “This morning we shared changes to some of our teams and we can confirm a net reduction of around 730 roles.

“These changes reflect our ongoing plans to continue to meet our customers’ changing needs and make parts of our business simpler. The majority of colleagues briefed today will not leave until January at the earliest.

“We will help colleagues who are affected find new roles and redeployment opportunities wherever possible and everyone will be given access to a package of training and support designed to help them secure their next position, whether within or outside of our business.”

She added: “Change does mean making difficult decisions and our focus remains on supporting our customers, colleagues and communities.”

Responding to the announcement, the Unite union branded the decision as shameful. It has called on LBG to postpone its planned restructuring programmes with immediate effect following the release of better than expected Q3 results and the rising threat posed by the COVID-19 pandemic.

Rob MacGregor, Unite national officer, said: “Unite cannot comprehend why LBG would choose to cut 1,000 staff who have given the bank such commitment and dedication during a global pandemic. These staff have worked tirelessly despite any risks to themselves.