Barclays Bank is set to cut 422 IT jobs, prompting anger from trade unions.
The roles affected are in IT and infrastructure support. The Barclays site most affected is Radbrooke Hall, in Cheshire, but a site in Northampton will also be hit, according to the Unite trade union.
The news comes on a bleak day for staff at banks - as the Royal Bank of Scotland announced 3,500 job cuts, including IT.
Barclays said its cuts are part of "essential changes" it is making in order to be "as effective and efficient as possible". It insisted that it will "make every effort to mitigate compulsory redundancies", including by opening a voluntary redundancy register for staff.
The Unite trade union said some of the roles will be offshored to Lithuania.
David Fleming, national officer at Unite, described the cuts as "a New Year's blow for the staff". He added: "Unite has strongly opposed the sending of some of this work to Lithuania, when there are already highly trained workers carrying out this work."