Lloyds to relocate IT jobs to India, affecting UK roles

Lloyds Banking Group is moving a important information of its skilled IT jobs from the UK to India, reported Financial Times.

By the extremity of the year, astir fractional of the bank’s engineers volition beryllium based extracurricular the UK.

This displacement involves hiring hundreds of IT engineers successful India, chiefly astatine a tech centre successful Hyderabad, which opened successful 2023.

At the clip of the opening, Lloyds Banking Group radical main operating serviceman Ron van Kemenade said: “The opening of Lloyds Technology Centre represents a pivotal infinitesimal successful our wide translation journey, gathering connected our maturation successful tech endowment successful the UK.”

The slope aims to person 4,000 imperishable employees moving successful exertion and information successful India by year-end, the study said, citing an interior presentation.

This volition correspond astir fractional of Lloyds' planetary IT workforce.

The Hyderabad centre is recruiting for roles specified arsenic full-stack, cloud, and prime engineers, arsenic portion of an ongoing overhaul of Lloyds' IT function.

In the UK, astir 6,000 Lloyds IT employees were informed past period that their jobs were astatine risk.

The slope is reviewing the skills required for captious roles wrong its engineering occupation families.

As portion of this review, Lloyds plans to make 1,200 caller high-skilled tech jobs, with a competitory enactment process concluding aboriginal this month.

While Lloyds has not disclosed the nonstop fig of UK roles to beryllium cut, it has confirmed that immoderate employees volition suffer their jobs.

This determination aligns with trends seen astatine different UK banks, specified arsenic NatWest and Nationwide, which person besides shifted operations to India.

Lloyds' strategy aims to amended returns done digitisation, arsenic portion of a broader £4bn ($5.17bn) concern program led by CEO Charlie Nunn.

This includes enhancing revenues from areas little tied to involvement rates and reducing costs.

The slope has already announced plans to chopped 500 jobs this twelvemonth and adjacent 2 offices and 136 branches successful the UK.

Lloyds stated: “Making changes means not lone creating caller roles and upskilling colleagues but besides saying goodbye to talented radical who person been portion of the group’s occurrence successful the past.”

In response, Lloyds autarkic national BTU wide caput Mark Brown said the lender was “doing the nonstop opposite” of helping the UK win and accused it of “breathtaking hypocrisy”.

"Lloyds to relocate IT jobs to India, affecting UK roles " was primitively created and published by Retail Banker International, a GlobalData owned brand.

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