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Lloyds Bank to outsource tech work to IBM

Lloyds Banking Group is said to be considering outsourcing nearly 2000 tech jobs to IBM. The union representing the bank’s workers revealed this measure stating this would be a billion-pound deal that will save cash in the long term. The bank and IBM are about to conclude a 7-year deal worth £1.3 billion that would see 1900 IT staff transferred to IBM. Lloyds Trade Union, the official union of the workers of the bank, confirmed the news to its 35,000 members. The staff which will be transferred to IBM will include permanent staff, contractors, third parties and offshore suppliers based in Copley and Edinburgh. However, after four years, the bulk of staff expected to be working on Lloyds business within IBM as a result of the transfer is expected to be reduced to just 193. The transition is expected to save Lloyds at least £759 million with further cost savings to follow.

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