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Lloyds cuts thousands more jobs but halts offshoring

The Lloyds Banking Group is cutting an extra 2,100 jobs.

The cuts will be in the bank's operations and wholesale banking operations and add to the thousands of redundancies already announced this year.

However, the bank said it will stop offshoring jobs in certain areas. "The group is also announcing its decision not to offshore any further permanent existing operational roles, therefore keeping roles in the UK whenever possible," it said.

The union representing workers at Lloyds TSB has been calling on the bank to stop offshoring jobs and bring jobs currently offshored back to the UK.

But Steve Tatlow, assistant general secretary at the Lloyds TSB union, said the announcement of a halt to offshoring is meaningless. "We asked the bank whether the current 4,500 jobs offshored to India now would be the maximum and they would not say yes."

Banks rely heavily on IT to support their operations and Lloyds' plan to combine operational support functions, including payment and business services and banking operations will see IT roles disappear.

On top of this, the Lloyds Wholesale division is merging its Lloyds TSB and Bank of Scotland businesses in England and Wales.

"Following these changes, up to approximately 2,100 roles will be affected over the next three years," said Lloyds.

The Lloyds TSB union recently accused the management of causing "death by a thousand cuts." Tatlow said there is no end in sight for job cuts at Lloyds.


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