Banking group Lloyds TSB is planning to shut down five back office processing centres in the UK, leading to the loss of around 465 jobs.
The move will affect 211 back office staff at the bank's Swansea centre, along with 126 posts in Plymouth, 38 in Cardiff, 55 in Taunton and 35 in Stockton.
Work currently carried out at these centres will be transferred to the bank's larger sites in Glasgow, Manchester, Birmingham, Peterborough, Chelmsford and Andover.
The bank has denied claims made by the Lloyds TSB Union that the latest cuts are linked to its use of offshore centres in India, where it expects to employ 2500 staff by the end of the year.
The union claims that the bank's larger sites are able to take the extra work because offshoring has created surplus capacity.
The job cuts at Lloyds TSB follow yesterday's announcement by high street rival Abbey of plans to axe a further 1000 positions at its UK operations. National Australia Bank is also scaling back its Yorkshire Bank and Clydesdale Bank operations in the UK, leading to the loss of 1700 jobs.