Lloyds Banking Group in Buckinghamshire is to lay off more than 700 staff.
The company confirmed it is to move 570 life, pensions and investments administration jobs from Aylesbury to Edinburgh and Bristol.
And Equitable Life is ending its contract with the group in March 2011, transferring the work to Indian firm HCL with more than 200 job losses, the BBC reports.
Earlier this month, Personnel Today reported plans by Lloyds to axe 5,000 jobs in 2010.
Lloyds Banking Group said it had decided to move its life, pensions and investments operations from Aylesbury after a site review prompted by Equitable Life's decision.
The unions Accord and Unite have and continue to be consulted, the banking group said.
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