NATIONWIDE, which employs around 1,000 people locally, says it is not planning redundancies and will maintain its branch network as it invests another £1.3billion in tech.

The building society says its additional cash will bring its total tech investment plans to £4.1bn over the next five years.

It expects to create between 750 and 1,000 jobs in a new "technology hub".

The group said it will help "simplify its technology estate and build new technology platforms to enable growth and diversification, and drive forward digital, data and analytic strategies".

However, Nationwide insisted that there were no plans for redundancies in other parts of the business and gave assurances that its branch network will be maintained.

The extra investment will still come at a cost, with Nationwide now expecting to take a £200million to £250m hit in the current financial year.

Nationwide chief executive Joe Garner said Nationwide was in a position of "financial strength" and that its capital levels were at an all-time high.

He said: "We believe that our members want a combination of human service on the high street, as well as digital convenience. As a building society, we are able to deliver both – continuing to invest in our branches alongside this significant investment in our technology and operational capabilities.”

Nationwide’s local staff include around 800 at Portman House in Bournemouth’s Richmond Hill.