Lloyds Banking Group is sending jobs to Indian offshore service provider HCL as it gears up to cut another 810 jobs.
The move follows Equitable Life's termination of its administration services contract with HBOS, part of Lloyds banking group.
Equitable Life has now awarded the $200m contract to HCL Technologies.
A spokesman at Lloyds Banking Group said as a result of the loss of the contract, 340 jobs will move to HCL, with only 100 of these set to be retained.
Additionally, in 2011 Lloyds Banking Group plans to reduce processing work at Aylesbury and move it to other processing centres. "We have looked at the organisation and decided that 570 people in Aylesbury will be made redundant."
Earlier this month Lloyds Banking Group announced it was reducing the number of staff in its operations division.
Lloyds plans to reduce the number of people working in operations, of which a large part is made up of IT staff, by about 2,800 by the end of 2010.
In May union Unite accused the bank of having a policy of a death by a thousand cuts.
HBOS, now part of the Lloyds banking group, has provided administration services to Equitable Life from Aylesbury for about 10 years.