WHAT'S in a name? mused Shakespeare. The unromantic answer is the future of 600 jobs losses at Abbey National in Whiteley and £11m the bank has just spent on changing its moniker to plain old Abbey.

"A rose by any other name would smell as sweet," said the Bard but workers at Abbey can only smell a rat as the company threatens to transfer their jobs to India.

A previously good relationship between employees and bosses could be heading for the rocks after the bank announced the multi-million-pound rebranding exercise soon after admitting jobs were under threat.

In July its Indian-born chief executive Luqman Arnold said jobs at the personal loan and mortgage-processing centre may move to the sub continent. Then last week the company spent £11m on rebranding.

It is irresistible maths for boardroom power brokers. A typical worker at the Solent business Park call centre earns between £12,000 and £15,000 compared to an Indian worker who would take home a £2,600 annual salary.

One employee who did not wish to be named said: "It is disgusting. They are more interested in looking good than actually being good employers.

"If the company does not have enough money to keep our jobs then this £11m should not be thrown away like this."

Sean Woodward, Whiteley ward councillor, said: "Anybody who is in danger of losing their job will see this as a huge slap in the face. There is money in the pot for a new badge but not for jobs. They are dangling the sword of Damocles over their jobs."

Linda Rolph, general secretary of the Abbey National Group Union, said: "I can understand why workers will see this as a slap in the face if the company moves jobs to India after spending £11m.

"People will be waiting to see if that amount of money will pay off with more business coming in."

A spokesman for Abbey said: "We haven't taken any decisions on offshoring but we do need to consider it to provide better value for our customers."