The Finsec union for bank workers says it is viewing with trepidation the latest round of job cuts by the ANZ Bank group in Australia.
ANZ announced on Friday that 400 more personnel are to lose their jobs, taking the total to 800 this year.
ANZ chief executive Mike Smith told staff that the changes are tough and no-one likes job losses.
He said it was hard for people living in Australia and New Zealand to understand the depth of the financial crisis around the world.
The latest cuts will take place over the next few weeks. Most are from middle management.
The ABC reports branch and call centre jobs are expected to be safe.
Finsec said last month that it had been assured there were no cuts planned in New Zealand, beyond earlier announced reductions.
The union says it is monitoring the situation.