Lloyds TSB is to shut down its back office processing centre in Peterborough, which will result in the loss of 245 jobs.
Media reports say the site will close by the end of the year, and that the work will be transferred to other Lloyds TSB sites across the UK.
The move is part of the bank’s plan to consolidate its back office operations to save money.
Representatives from the Lloyds TSB Group Union, the main employee union at the firm, have claimed the job cuts are linked to the company’s increasing Indian offshoring programme, but Lloyds TSB has denied this.
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Lloyds TSB already employs around 2,500 staff in India, and this number is expected to increase by around 400 this year.
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