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The Lloyds Banking Group stops hundreds of IT engineers in India and plans to reduce hundreds of similar jobs in Great Britain in order to own almost half of its engineers in front of the house market by the end of the year.
The British Bank plans to have 4,000 permanent employees about technology and data in India by the end of the year, according to an internal presentation of the Financial Times. According to a person who is familiar with the plans, this will make up almost half of the global total of such jobs.
You will be resident in a tech center in Hyderabad, which was opened in 2023, in which the bank described as the “central moment on our overall transformation”. It recruited for roles in Hyderabad, including full stack, cloud and quality engineers: highly qualified jobs.
The hiring in India comes as the bank, which markets itself under the slogan “Helping Britain Prosper”, in the middle of a revision of its IT function.
Around 6,000 employees in the IT department of Lloyds in Great Britain received a warning last month that its work was endangered because the bank carried out a review of the “role in our technical job families required for every critical role”.
The bank plans to create 1,200 new highly qualified tech jobs as part of the review, according to a person who is familiar with the plans. However, employees have to apply for these jobs and carry out a competitive selection process due to the end of this month.
Lloyds did not say how many roles expect it in the UK, but confirms that some employees are expected to lose their work.
“While many colleagues will go into these new roles, we expect some to secure no role through this change and to consider the skills, the location and the reduced demand for certain roles,” said Chief Operating Officer, Ron van Kemade, in a letter to the employees last month.
Mark Brown, General Secretary of BTU, an independent union in Lloyds, said that the bank had “the opposite” to help Britain, and accused them of “breathtaking hypocrisy”.
Brown asked the bank instead to commit to training IT specialists with trainees.
Other British banks and construction companies have already shifted the company to India. According to his annual report, more than 17,000 Natwest employees are based in Bengaluru and Gurugram, while some IT workplaces have also transferred to India nationwide.
Lloyds tries to improve the returns by digitizing his operations. Part of a wider investment plan of 4 billion GBP, which Chief Executive Charlie Nunn is managed, in which the income from areas that are less bound to interest rates and increase cost control.
As part of this trip, the company has already announced that this year will reduce 500 jobs in areas that range from customer service to sustainability. The High Street Bank also said that it would close two offices and close another 136 branches in Great Britain.
Lloyds said: “Make changes not only to create new roles and improve colleagues, but also to say goodbye to talented people who have been part of the success of the group in the past.”
