A cheque processing company is to close seven sites across the country, with the loss of around 600 jobs, according to the Unite union.
Staff at Intelligent Processing Solutions Ltd (iPSL) were told the firm will be reducing its operations to just two sites in Northampton and Milton Keynes, and almost halving the number of employees, said Unite.
National officer Dominic Hook said the announcement was "tragic news" for the workforce, adding: "This consolidation strategy is deeply disappointing and the impact will be felt widely.
"This proposal will leave a workforce of just over 700 at iPSL which handles around 80% of cheques issued in the UK each year.
"The tide of digitalisation across the financial services brings with it huge challenges as organisations have to adapt the way they work.
"The changing face of cheque processing, with new digital imaging, has brought considerable difficulties for this industry. Unite wants to see iPSL make the necessary investment through new technology to secure as many jobs as is possible.
"This news will be a bitter blow for iPSL colleagues and Unite has pressed the company to provide the workforce with support and guidance with two training programmes and outplacement support to be offered to staff."
Unite said the plans, which are yet to be signed off by the board, will lead to site closures in Bootle, Bradford, Copley, Edinburgh Tweed House, Chelmsford, Clydebank and Camberley in 2018.