Portsmouth and Fareham branches of RBS to close

It means that staff from Portsmouth and Fareham will be among the 792 job losses across the two countries.

The bank, which is still 72 per cent owned by the taxpayer, said the closures were due to the branches previously being earmarked for conversion to the failed brand Williams & Glyn.

As a result, the group has branches in close proximity to each other and is seeking to reduce overlap.

RBS said: ‘Following a review of the branch network in England and Wales a decision has been taken to close 162 Royal Bank of Scotland branches.

‘As a result of this process, around 792 roles will be made redundant, and we will seek to support our colleagues with the option to leave on a voluntary basis.’

Last year RBS avoided the compulsory sale of Williams & Glyn despite it being ordered by regulators.