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Lloyds announced that the jobs, 132 of which are based in Manchester, would be cut from the division which employs around 470 people, according to Crain's Manchester Business.
While a final decision has yet to be made, unions believe that offices in London would be among the divisions that will bear the brunt of the job cuts.
An additional 195 contract and temporary staff could also be affected, reports Crain's.
Unite, the union representing the threatened workers, commented: "We are challenging the bank to consider alternative options. It is going to be a real kick in the teeth. We would not rule out further job cuts at this stage."
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