UK Bank Lloyds Cuts UK IT Jobs While Expanding Tech Hiring in India
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Lloyds Banking Group is planning to reduce the number of permanent IT employees in the United Kingdom while hiring more IT engineers for similar roles in India.
Reports noted that Lloyds is aiming to have 4,000 permanent workers based in India this year. The new employees will work from a Lloyds technology centre in Hyderabad, which opened two years ago.
This change means that by the end of the year, half of Lloyds’ IT engineers will be working outside the United Kingdom. The shift is part of the bank’s ongoing strategy to restructure its technology workforce. The company will create 1,200 highly skilled tech jobs, but this comes with concerns for existing employees in the UK.
Lloyds Staff Face Job Uncertainty AS Restructuring Moves Forward
In the past month, 6,000 UK-based employees at Lloyds received warnings that their jobs might be at risk. The company will review their skills, and staff will need to apply for new roles in March. According to the update, this has created uncertainty among workers who do not know if they will keep their jobs.
Ron van kemenade, the chief operating officer of Lloyds, disclosed in a letter sent a month ago, that a number of its employees would soon move into new offices. Although, he also said some won’t be able to get a role as a result of changes made on the job demand, required skills, and location.
Some other banks in Britain have relocated their IT jobs to India. Banks like Nationwide and NatWest have obtained several Information Technology roles in the nation, this whole move reveals a change in the pattern of handling technical workforce issues in financial institutions.
Lloyds Continues Branch Closures Alongside Workforce Changes
A year ago, Lloyd’s banking groups disclosed their intentions to shut down about 292 branches. In the early part of this year the group also disclosed that over 61 Lloyds, 14 banks in Scotland, and 61 Halifax would be shut down between May and March next year.
This has raised a lot of questions about access to banking services and job securities in local communities. Lloyds gave a statement about these changes, emphasizing that the banks are determined on making new job roles and improving employee’s skills.
This statement however, also made it clear that some old employees who had been part of Lloyd’s achievement in the past would also have to be laid off. Overall, the changes at Lloyds have sparked reactions from employees and experts in the financial industry.
