Australia's major bank ANZ (Australia-New Zealand) confirmed on Wednesday it would sack 500 back-office workers and shift the jobs to India.
"In 2008, the size of the operation in Bangalore grew by around 500 people and it is reasonable to expect there will be some further growth in 2009," a spokesman from ANZ said.
The finance union national secretary Leon Carter said Australian banks have slashed thousands of jobs in the past year, and sent more than 800 jobs offshore since last October, despite their multi-million dollar profits.
"If the Australian taxpayer is going to help Australian banks, one condition should be the immediate cessation of off shoring," Carter said.
Most of the losses will be in technology and back office operations roles.
Labor force data released on Thursday showed the jobless rate in February soared to 5.2 percent, the highest in four years.