The bank says its decision follows a decline in commercial viability for such services over recent years, reflecting a growing trend of customers purchasing and managing their investments online.

Barclays recently launched an online "Investor Zone" and all retail investment services will now go through this.

Rob MacGregor, national officer at union Unite says the bank's management "should hang their heads in shame" asking if they are "too busy counting their bonuses that they have totally lost touch with those who make their business successful?"

MacGregor also aimed a salvo at the government, warning: "This news once again confirms that contrary to what the Conservative-led government claims the private sector will not fill the gap left by the slashing of jobs in our public services."

Barclays says it is consulting with employees and Unite on the proposals and will seek to offer a full range of redeployment services identifying potential options "within and outside" Barclays.