Finance jobs are set to be lost because of a fresh wave of mergers and work being switched overseas, a leading union has warned

Amicus urged companies in the sector to consult with staff over any changes and said offshoring should not be used as an excuse to cut jobs in the UK.Workers are facing increasing uncertainty because of cost cutting plans across financial services, the union warned.

National officer David Fleming said: "Finance staff are facing a double whammy of mergers and offshoring. Amicus is calling on companies in the finance sector to act with social responsibility towards its most valuable asset -- the staff. Insecurity is already high due to a recent spate of offshoring announcements. Merger speculation is now making it worse. Many mergers in the finance sector in the past have failed to deliver long term shareholder value. They hit staff morale and service standards.