Over 700 former workers of the now defunct UT and Capital banks are set to lose their jobs as the takeover bank GCB has begun issuing out termination letters.

The affected staff have already received letters asking them to proceed home.

Starr News understands GCB is only retaining clerical and top management staff of the banks.

Sources have also hinted Starr News that the GCB will retain just about 20 branches of the collapsed banks nationwide.

The development comes after the receiver of the takeover PricewaterhouseCoopers last month disengaged the services of all 1356 staff of the two banks.