Barclays will offshore 1,800 technology jobs over the next two years and has confirmed that 700 will be transferred by this September.

The changes are part of the bank's plan to become fully global, with centrally-managed technologies in centres of excellence around the globe in key locations. Possible countries include Hungary, India and Singapore.

Barclays said it will "follow the sun and be operational 24/7".

According to the trade union Unite, fewer than 50 staff are likely to face compulsory redundancy, but there could be more losses as the bank continues to grow.

"Some roles will move offshore, and colleagues will have the opportunity to apply for these roles and relocate. Some roles will fall away," said Barclays in a statement.

"As far as possible, we will manage the reduction in headcount by reducing the number of contractors and temps we employ. Where permanent staff are affected, working with Unite, we have put in place significant support to help them find another role, either in Barclays, or externally."