There will be nearly 150 job cuts made throughout Scotland, The Royal Bank and Lloyds banking group have confirmed.
130 of the jobs will be lost at Lloyds and will largely be in the IT and HR departments. The jobs lost will be recommissioned offshore, with outsourced companies in India, where the company already has large back office operations.
A further 16 positions will be lost at RBS, though it is only a small percentage of the 464 jobs which will be lost throughout the whole of the UK.
Lloyds are making the cutbacks as part of a plan to save £1.5bn annually by the close of 2014. There is similar restructuring at RBS, with warnings of further job losses coming from Stephen Hester, group chief executive earlier in the year.
The action by both banks has angered those in the financial industry, with many calling for the Government to take action.
For some business owners though, the news could almost be seen as something of a consolation; particularly for those having to make staff redundancies having failed to secure commercial finance in Scotland from either bank.
Such thoughts are just folly though and the job losses are worrying, both for confidence in the financial sector and the economy as a whole.
However, there have been a number of positive news stories regarding a possible wide scale recovery over recent weeks, whilst lending is being secured in some areas to help. Invoice discounting and other strategies are also helping others.