ANZ has confirmed it will cut 23 jobs at its Auckland offices and outsource the work to India.
The jobs are in the lending services sector and will be moved to Bangalore.
The bank is pushing for more efficiency and says some countries are better at certain skills than others. The company says no front line jobs have been lost.
An ANZ spokesperson said the bank routinely deploys work to other parts of the business where needed.
The company says it will be looking at what jobs can be brought back to New Zealand in this way.
The announcement comes as ANZ also cuts 70 jobs in Australia.
The finance workers' union says the move is unneccesary, considering how much profit the bank enjoys.
First Union general secretary Robert Reid said the bank's New Zealand division recorded a profit of more $1.2 billion in 2011 and called on the company to repay some of that custom by keeping jobs in this country.