Credit card provider Capital One is reported to be outsourcing around 40 per cent of its UK-based jobs to India and other countries.

Some 750 roles out of the company’s 2000-strong workforce are thought to have been affected by the move, which includes call centre, account servicing and support positions based in Nottingham.

The move is part of a global restructuring launched last year and follows Capital One’s existing outsourcing policy.

In 2004, the company cancelled its contract with Indian supplier Wipro after it emerged that staff had made unauthorised credit offers to customers, but it continued to use services from other Indian suppliers.

The news follow HSBC’s recent announcement that it was closing its payments processing facility in Scotland, with the vast majority of the 164 positions being offshored to India.