Almost 350 tech staff at JP Morgan Chase & Co will be moved out of the UK headquarters in Canary Wharf.

The bank’s employees are expected to relocate to regional centres in Bournemouth and Glasgow by 2017 at the earliest.

Across Europe the bank employs 4,500 people in tech-related roles, with most of them based in UK.

There are around 1,000 in Bournemouth and more than 800 in Glasgow.

The relocation plans are part of a wider cost-saving initiative that will see technological roles at the London office only remain if they are directly involved in the bank’s operations including its trading floor.