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Lloyds Banking Group is hiring hundreds of IT engineers in India while plans to cut hundreds of similar jobs in the UK, in an action that will result in almost half of its engineers to be based outside its home market by the end of the year.
The British Bank plans to have 4,000 permanent workers working in technology and data in India by the end of the year, according to an internal presentation from the Financial Times. This will make up nearly half of the global total of such tasks, according to a person familiar with the plans.
They will be based on a technology center in Hyderabad that opened in 2023, in what the bank called a “main moment in our overall transformation journey”. Is the recruitment of roles in Hyderabad which include full engineers, cloud and quality: very capable work.
The employment clash in India comes while the bank, which trades itself under the label “Britain Prosper”, is in the middle of the road through an adjustment of its function.
About 6,000 employees in the Lloyds ‘IT’ Department of the United Kingdom received a warning last month that their jobs were in danger after the bank carried out a summary of “the skills required for each critical role in our engineering work families”.
The bank plans to create 1,200 new high -skilled technology work as part of the review, according to a person familiar with the plans. However, the staff will have to apply for those jobs and enter a competitive selection process to complete this month later.
Lloyds did not say how many roles she expects to cut in the UK, but has confirmed that some workers are expected to lose their work.
“While many colleagues will move on to these new roles, we expect some not to provide a role through this change, taking into account the skills, location and reduction of demand for certain roles,” said Bank Operational Chief Ron Van Kemenade, in a letter to employee last month.
Mark Brown, BTU Secretary General, an independent union in Lloyds, said the bank was “doing the opposite” of helping to help Britain advance and accuse him of “staggering hypocrisy”.
Brown called on the bank to engage to train instead, instead, instead.
Other UK banks and buildings societies have already moved operations to India. More than 17,000 Natwest employees are based in Bengaluru and Gurugram, according to his annual report, while also transferring some IT jobs to India.
Lloyds is seeking to improve returns by digitizing its operations; Part of a wider investment plan of £ 4 billion led by chief executive Charlie Nunn, which includes increasing income from less interest rates related areas as well as lower costs.
As part of the movement, the company has already said it plans to cut 500 jobs this year, in areas ranging from customer service to sustainability. The High Road Bank also said it will close two offices and close an additional 136 branches in the UK.
Lloyds said: “Making changes means not only creating new roles and raised colleagues, but also say goodbye to talented people who have been part of the group’s success in the past.”
