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Lloyds Banking Group hires hundreds of IT engineers in India, while planning to reduce hundreds of similar jobs in the UK, in a move that will result in almost half of his engineers sitting outside his home market by the end of the year.
The British Bank plans to have 4,000 permanent employees working in technology and data in India by the end of the year, according to an internal presentation seen by the Financial Times. This will do almost half of the global total number of such jobs, familiar with the plans.
They will be headquartered at the Technology Center in Hyderabad, which opened in 2023, in what the bank called “the main moment in our overall transformation trip.” It is a recruit for roles in Hyderabad, which include full layers, clouds and quality engineers: highly qualified jobs.
Renting in India comes as a bank, which is sold under the labeling “Aiding Britain Prosper”, in the middle of the overhaul of its IT function.
About 6,000 employees in the UK IT ward last month received a warning that their jobs were risk because the bank conducted an overview of “skills needed for any critical role in our engineering families.”
The bank plans to create 1,200 new highly qualified technological jobs as part of the examination, states a person familiar with the plans. However, the staff will have to apply for these jobs and enter into a competitive selection process that would end later this month.
Lloyds did not say how many roles he expects to reduce in the UK, but has confirmed that some workers are expected to lose their jobs.
“Although many colleagues will move to these new roles, we expect some to provide a role through this change, taking into account skills, location and reduced demand for certain roles,” said Banka operating director, Ron Van Kemenade, in a letter to employees last month.
Mark Brown, Secretary General of BTU, an independent Union in Lloyds, said the bank “worked the opposite” to help Britain to progress and accuse her of a “breath of an amazing hypocritical”.
Brown invited the bank to commit to training IT experts for apprenticeship.
Other banks in the UK and construction companies have already transferred operations to India. More than 17,000 Natwest employees are headquartered in Bengalur and Gurugram, according to its annual report, while Nationwide also transferred some IT jobs to India.
Lloyds wants to improve yields by digitizing its operations; Part of the wider investment plan of £ 4 billion led by the Charlie Nunn CEO, which includes increasing revenue from areas less connected to interest rates, as well as a reduction in costs.
As part of this instinct, the company has already said that it plans to reduce 500 jobs this year, in areas ranging from services to customers to sustainability. High Street Bank also said it would close two offices and close an additional 136 branch in the UK.
Lloyds said: “Making changes means not only the creation of new roles and colleagues who appear, but also goodbye to talented people who have been part of the group success in the past.”
