The Royal Bank of Scotland is to cut 618 roles within its financial advice arm as a result of the retail distribution review (RDR).
The job cuts will come across the UK, although it has said it will also create 351 new roles.
In a statement, the majority state-owned bank said: "Having to cut jobs is the most difficult part of our work to rebuild RBS and repay taxpayers for their support.
"We continue to make efficiencies across our business to deliver greater value to our customers and shareholders.
"We will do all we can to support our staff, offer redeployment opportunities wherever possible, keeping compulsory redundancies to an absolute minimum."
Union Unite described the job cuts as "brutal" and said they represent a 50% reduction of the bank's financial advice function from across the country.
National officer David Fleming said: "Unite, for some time, has had major concerns about the appalling manner in which these workers at the bank have been treated.
"The union has continually raised with the bank the increasingly unachievable targets imposed on the workforce and is calling on it to review this redundancy procedure."
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