Ulster Bank plans to restructure certain back office and IT operations and integrate them with those of its parent company, Royal Bank of Scotland (RBS).
Under the plan a new mortgage processing centre will be established in Dublin creating a euro mortgage capability for RBS.
As part of the plan approximately 150 operations jobs will be created in Belfast with an equivalent number leaving IT, back office and Finance departments in the Republic and in the North.
According to an Ulster Bank statement these job cuts will be achieved "without compulsory redundancy, though staff turnover, redeployment and voluntary redundancy, where appropriate."
The bank plans to complete the restructuring over three years.
Mr Cormac McCarthy, Ulster Bank Group chief executive, said: "The changes announced today will provide significantly greater capability to support our future growth plans and will enable us to move forward at a faster pace."