The bank, which is 82pc owned by the government, said that it will be creating 351 new roles.
Union leaders attacked the cuts from its from its financial planning service as "brutal".
David Fleming of Unite told the Daily Telegraph: "Six hundred staff, who for some time have faced job uncertainty as the bank reviewed their jobs, have today heard the worst possible news."
In January the bank said around 3,500 jobs would be lost as it sells and shrinks its investment bank. The cuts will take place over three years and be split between the UK and operations abroad.
The bank reduced its headcount by 2,000 last year and has cut around 30,000 jobs since being bailed out by the government.
