The Royal Bank of Scotland has revealed that it will axe hundreds of jobs amid its wider plan to restructure its business.
RBS confirmed to IBTimes UK that it plans to cut 361 branch manager jobs at its subsidiary Natwest but will also create 116 other new branch manager roles "at a higher level to reflect the types of branch they'll be running and we expect these roles will be filled by those branch managers at risk."
It added that this leaves a net reduction of 245 branch manager roles.
Moreover, since it is also creating 45 new customer service officer positions, this leaves an overall net reduction of 200 roles impacted across the whole of the branch network.
"All of our branches will continue to have a branch manager - this change will not affect how we serve our customers. This is clearly difficult news for staff affected by these changes," said RBS.
"We will do everything we can to support them; including seeking redeployment opportunities wherever possible and ensuring that compulsory redundancies are kept to a minimum."
In February this year, RBS and Natwest told customers that they were now be able to go to the Post Office to make deposits and pay in cheques as speculation grows over the thousands of job cuts and branch closures.
RBS said that personal and business customers can use through the Post Office to pay in cash and cheques at any of its 11,500 branches.
"Our customers are changing the way they bank with us," said Les Matheson, UK Retail CEO at RBS at the time.
"They want to be able to do their everyday banking in a variety of different ways - where and when it is convenient for them."
The Post Office currently handles around 11.5 million transactions- withdrawals and balance enquiries- and £50m (€61m, $83m) cash withdrawals for NatWest and RBS customers in local communities.