Insurance giant AXA is to cut up to 350 jobs under plans to reduce costs.
The jobs will go at Bristol and Coventry in the company's life insurance, pensions and investments arm.
No break down has been worked out for how many people will go at each site, with AXA looking for voluntary redundancies to fill its quota.
But the company said it remained committed to a presence at both centres and looks to reduce its workforce throughout the year.
The move came despite new business increasing by 16 per cent last year but profits remained "flat" as costs rose, said the firm.
A spokesman said: "This is a cost reduction measure. It is an expanding business - there is a concern that costs have increased as well.
"If we are to remain competitive in the financial services sector we have to monitor increases in our costs."
It said it aimed to achieve the job losses through a combination of redeployment, retraining, and close control of recruitment. A voluntary redundancy scheme will be put in place and "every effort" will be made to minimise compulsory redundancies.
Chief executive Paul Evans said: "We have made great strides in growing our business but we must constantly manage our cost-base in the extremely competitive financial services marketplace in which we operate.
"We are investing in technology and process improve-ments but, unfortunately, we also have to reduce our staff numbers.
"We have worked in close partnership with Amicus and managers' forum representatives to minimise the number of redundancies.
"I expect the majority of job losses to be voluntary. We will continue to deal with our people in a sensitive and professional manner.
"Our business is growing strongly and we will ensure that the changes we are making now enhance that growth. The service we provide to customers and financial advisers is vitally important.
"We are streamlining our processes and maintaining strong investment in technology to ensure AXA continues to offer excellent products and services."
