ANZ Banking Group is to cut up to 200 management jobs in New Zealand.
It says the move is partly in response to the economic environment.
The group also says the job losses are part of a new global business model announced last month.
The Finsec union for finance workers says the cuts far exceed what it was expecting.
Some 400 layoffs were also announced in Australia on Friday, where cuts will total 800 by the end of the 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.