Jobs in Leeds are to be transferred to Asia as part of a move to cuts costs by the banking giant HSBC.
HSBC intends to switch work to Asia
The company's transaction processing centre in the city, employing 210 people, is one of three in England to be closed in 2006.
The work will be transferred to India and Malaysia.
The bank is hoping that redeployment and natural staff turnover will account for a "significant" proportion of the lost positions.
But the Unifi banking union has described the move as "savage".
Representative Paul Bridge said: "This is devastating news for our members and their families.
"The justification for cutting these jobs and closing the centres hasn't been made.
"In fact the opposite argument can be made - levels of customer service which have already been affected by closing centres could get worse."
When asked whether industrial action was being considered, Mr Bridge said: "We are not ruling anything out.
"We are actively consulting with members with regards to what action we will take to protect them and their future job prospects."
Michael Geoghegan, chief executive of HSBC Bank, said: "The redeployment and removal of some roles will simplify our management structure and strip away costs that are no longer sustainable for financial retailers today.
"We fully understand that these changes will create uncertainty for staff in the areas affected.
"They have my personal commitment that we will manage this process carefully and sensitively."