ASB has announced possible changes to its cash management services, which could affect 130 jobs in Auckland, Wellington and Christchurch.
The bank says it recently reviewed its cash management strategy and processes, and is now proposing a transition to a fully outsourced model using Armourguard.
"We are currently carrying out a consultation process with impacted ASB people in relation to this proposal," it says in a statement.
"If the proposal proceeds, and these extended services are introduced, our two cash processing centres would close and in-branch services in Christchurch would also transition to Armourguard."
While ASB says a number of new roles would be available as employees are redeployed, the decision has been attacked by employees who are worried about job losses.