Now M&S is axing staff from its bank branches

JOBS are under threat at Marks & Spencer’s banking arm as it slashes its branch staff.

The lender is also cutting back on hours when assistants will be available, meaning that customers will have to rely more on machines and call centres.

M&S Bank refused to say last night how many positions might go, but regional managers and front-line assistants are thought to be most at risk.

It has a physical branch in 29 stores, and customers can reach staff remotely from another 51.

There are no plans to close any branches, but opening hours will be cut. It comes as the chain plans to close 100 of its struggling High Street stores.

A spokesman said the bank will try to redeploy staff rather than sacking them, and that the changes are intended to boost efficiency.

She added: ‘Customers will still be able to access our self-service banking facilities in-branch, along with our 24/7 contact centre and online services.’

Shares in M&S fell 0.5pc, or 1.6p, to 295.5p.