Lloyds to cut 4,500 IT jobs in UK and India

Lloyds to cut 4,500 IT jobs in UK and India

Summary: The banking group has announced 2,750 IT redundancies in the UK by the end of 2012, with further roles to be shed in India, as it completes its merger with HBOS

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TOPICS: IT Employment
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Lloyds Banking Group has announced that it will cut 2,750 permanent and temporary IT jobs in the UK by the end of 2012.

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The company said the job cuts will be made up from 1,600 permanent and 1,150 temporary positions in the UK. In addition, 1,750 contractor roles will go at various offshore locations in India — bringing the total number of jobs lost to 4,500.

The cuts follow Lloyds TSB's acquisition of Halifax-Bank of Scotland (HBOS) in 2009, which left the company facing duplication of roles in its IT operations. The shake-up will put in place a new organisational structure for the business once its three-year plan to integrate HBOS comes to an end. The integration is on track to be completed by the end of 2011.

For more on this ZDNet UK-selected story, see Lloyds to cut 4,500 tech jobs on silicon.com.

Topic: IT Employment

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