Lloyds Banking Group cuts another 593 IT jobs

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Lloyds Banking Group cuts another 593 IT jobs

Bryan Glick

Lloyds Banking Group is cutting a further 593 IT jobs, most of which will be offshored to India.

The move affects IT staff across Lloyds TSB and HBOS, the two arms of the group that were merged at the height of the recession in 2008.

The Lloyds Trade Union (LTU) revealed that the bank has informed it of a total of 10 separate reorganisations across the group, resulting in more than 1,800 job losses across several functions.

Some 308 permanent IT jobs are being outsourced to India, along with 205 roles currently filled by UK contractors. A further 80 roles will be removed due to "simplification". The company's service delivery and application development and maintenance teams are the worst affected. Staff in Edinburgh, Halifax, Bristol, Pudsey, London, Leeds and Manchester bear the brunt of the cuts.

"It is disgraceful - and without any ethical justification - that the bank is offshoring yet more IT jobs abroad," said LTU in a newsletter to IT staff.

"These are all jobs that desperately need to be retained in the UK. It is intolerable that any jobs - permanent or contractor - should be transferred to India, merely because the bank can exploit the opportunity to replace UK-based staff with workers on lower pay and less contractual rights."

Lloyds has cut nearly 5,000 IT jobs since the HBOS merger, but says the IT integration of its multiple brands has helped to save more than £2bn per year

Even before the HBOS merger, Lloyds had already offshored over 4,000 IT jobs to India, many of them going to outsourcing supplier HCL.

Separately, Royal Bank of Scotland is also cutting a further 300 jobs, although it is not clear if IT staff will be affected.


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