The finance industry has been hit with a pre-Christmas jobs blow with news of more than 700 job losses.
The Accord trade union said the jobs will go at Lloyds Banking Groups offices in Aylesbury, Buckinghamshire.
Lloyds will move 570 life, pensions and investments administration jobs, while Equitable Life has given notice that its contract with Lloyds for admin services will come to an end in March 2011.
The work will transfer to Indian firm HCL, with the 340 employees carrying out the work being transferred to HCL, which will only retain 100 staff.
The union said the combined decisions will result in more than 700 job losses in Aylesbury by the end of 2011.
Ged Nichols, general secretary of Accord, said: "Today's announcements are a body blow for the workforce and for Aylesbury particularly as the Lloyds Banking Group is the largest private sector employer in the town.
"Our main concern is to avoid compulsory redundancies arising from any part of today's announcements.
"The terms and conditions of employment for those staff who Equitable Life are proposing to transfer to HCL is also a priority."
Mr Nichols said the union was seeking legal advice about the proposed transfer of staff.
Chris Wiscarson, chief executive of Equitable Life, said: "This is one of the most important decisions in the society's history.
