Lloyds will slash nearly 1,600 positions as part of a restructuring plan revealed last year to cut 15,000 jobs and halve the group’s international presence.
RBS will cut 460 jobs, of which 150 positions will be created elsewhere leading to a total job reduction of 300.
Both Lloyds and RBS, which together have cut more than 50,000 staff since the financial crisis, said they would look to find new roles for affected staff and would try to keep compulsory redundancies to a minimum.
RBS said that the bank is working hard to rebuild RBS in order to repay taxpayers for their support and having to cut jobs is the most difficult part of this process.
"We strive at all times to be open and honest about the tough choices we are making and we remain committed to providing our customers with the same high level of service as we make changes to our Private Banking Direct structure," RBS said.
Lloyds said that out of the 1,600 affected positions, it has been transferring some 300 workers over to its suppliers, meaning that they would still have a job, while 300 of these are being offshored to India.
UK government owns around 82% of RBS and 40% of Lloyds after bailing out both banks with taxpayers’ money during the 2008 credit crisis.
Since the crisis, RBS has cut 34,000 jobs while Lloyds has cut around 30,000, according to Reuters.
