UK banking group HSBC is creating 250 call centre jobs over the next two years at its operations in Newport, Wales, but will outsource work currently handled by the unit to outside firms.
The new positions are part of a £14 million investment in the Newport centre, which currently employees 200 staff administering HSBC's home and motor insurance products.
This administration work will be transferred to outside firms from October 2009, with the revamped centre concentrating on customer services.
HSBC says "the majority" of the centre's existing 200 employees will be able to move into new customer service roles. Staff will also be able to move with their jobs to the outside providers or apply for new positions within the bank.
However, the bank hasn't ruled out the possibility that some current staff could lose their jobs, saying it is "aiming to minimise any redundancies".
Explaining the investment, Alan Jarman, CEO for Wales, HSBC, says: "Our customers are increasingly choosing to bank online and over the phone, and our resources need to reflect this. HSBC chose to invest in Newport for its skilled local workforce and the ability to continue to add qualified members of staff over the next two years and beyond."
HSBC says it is experiencing a progressive increase in demand for telephone-based customer services and the investment will transform the Newport centre into a new customer services centre for the bank's UK customers.