GMB Union is in consultation with G4S to try and save as many roles as possible.

The cuts come after people used less cash at banks and retailers during lockdown – a trend predicted to continue.

Paul van der Knaap, managing director of G4S Cash Solutions UK, said: “Following a review of our cash solutions operational footprint in the UK, we are proposing to reshape the business to better align it with the changing needs of our customers.

“Regrettably this will result in a reduction in headcount, and today we have entered into a period of consultation with affected staff.”

GMB Union warned that the move is “another step towards a cashless society”.

Roger Jenkins, GMB national officer, said: “These cuts are devastating for our members and their families. GMB will fight to the end for every single job.

“They are also another worrying step towards a cashless society – the cash industry really is on a knife edge.

“The collapse of cash industry could have a terrible impact on the elderly and most vulnerable and wreak havoc on small and medium enterprises which rely on cash transactions.

“GMB is calling on the government to take action to protect the cash industry and all those who will be hit hard if it disappears.”

The job losses come after several weeks of job cuts across various sectors including aviation, hospitality and retail.

Around 4,500 jobs are to go at airport services company Swissport, 727 Easyjet pilots are at risk of redundancy, and Airbus is to lose about 7,500 staff.

In the hospitality sector SSP Group, which owns Upper Crust and Café Ritazza, could cut up to 5,000 jobs, while burger chain Byron is on the brink of collapse.

In the retail sector, about 700 jobs are set to go from luxury retailer Harrods, John Lewis has announced store closures, and shirtmaker TM Lewin has announced its closing all its stores.