Partner banks Clydesdale and Yorkshire are to shed 51 positions in Glasgow, as part of 130 job losses throughout the UK.
The redundancies will come as the bank looks to shut down its business and private banking advice division.
The market for business banking in particular has changed significantly since the recession. Up to and including 2008, firms in Scotland were far more likely to seek traditional loans. Today, there has been a major shift to working with factoring companies in Scotland instead.
However, with a deal through insurer Axa, advice will continue to be provided in the main branches of the firm.
Claiming that the decision was a cruel one, Dominic Hook, the national officer for the Unite union, said:
“(National Australia Group) raised the hopes of staff then announced today they no longer have a job. The company invested money to train the staff to meet new regulatory requirements giving them hope for the future.
“Now they have been told that the company has changed its mind and decided to close the business down. We are demanding that the company does everything possible to help find the staff alternative employment within the company or elsewhere in the financial services sector.”
In response, NAG said that the job losses were only made after a period of consideration, with a spokesman saying:
“We are providing support for the 130 employees impacted by this change.”
He continued to say that whilst some opportunities for alternative roles may arise, the majority of job losses are unavoidable.