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ANZ is considering closing its Dunedin contact centre and moving jobs to offices in other parts of the country.
RNZ understands the bank wants to cut 15 customer-facing roles in Dunedin to two.
Other affected staff would be given the option to transfer to Auckland, Wellington or Christchurch.
Staff were briefed on the proposal a fortnight ago.
It is understood there are about 40 staff in Dunedin's ANZ branch.
More than a third of the roles would go under the proposal.
In a statement, ANZ said it was considering changes to a small number of roles in Dunedin but would not provide further details.
"We are consulting with a small number of staff on the proposed changes and exploring all available options, including redeployment opportunities where possible.
"Our immediate priority is supporting our people through this process. As this is an active consultation process, we are unable to comment further at this stage."
Labour's Taieri MP Ingrid Leary said on Friday the loss of contact centre jobs would be another blow to the lower South Island.
"Only two affected staff have been offered redeployment in Dunedin. For the others, relocating is not a realistic option when their families, homes and lives are here.
"This follows the loss of more than 60 jobs from the Gregg's and Ravensdown sites, with further cuts looming elsewhere.
"Filled jobs across Dunedin fell over the past year - yet the government still has no credible plan to support employment and economic development in our city.
"Youth unemployment across New Zealand is at a 30-year high and we continue to lose young workers to Australia who would otherwise be building the NZ of the future."
In September last year, the bank's Australian parent announced thousands of roles were being cut as part of a major restructure.
At the time, ANZ said there was no significant overhaul planned for operations in New Zealand, but that it carried out regular reviews "as part of our ongoing commitment to operate efficiently and deliver for customers".



