Lloyds Banking Group sheds 4,500 IT roles


Lloyds Banking Group sheds 4,500 IT roles

Angelica Mari

Lloyds Banking Group has announced it will reduce its group IT and operations workforce by several thousands as part of its three-year integration programme.

About 1,600 permanent staff will be made redundant, as well as 1,150 working on temporary contracts. The bank said 1,750 jobs offshore will also be cut and that all affected employees had been informed of the cull today.

In June 2009 Lloyds announced that it would cut an additional 2,100 jobs across the group operations area - which provides support functions including payment and business services and banking.

The cuts will happen in 2012 and are a consequence of the integration of IT operations between Lloyds TSB and HBOS, which is due to complete by the end of 2011.

According to Mark Fisher, the director of group operations who is also responsible for IT, the announcement marks "another major step" in uniting the businesses. He said that the changes being introduced would give the group a world-class IT operation.

"We have mitigated the impact on permanent staff with a significant release of temporary and contract staff," Fisher added.

The partly-nationalised bank turned its first profit in two years in August - a significant improvement on last year's £4bn first-half loss.

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