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Lloyds Bank moving IT staff to India

Lloyds Banking group is cutting down its IT workforce in the UK by around 80 people and half of these would be image005moving to India. The group intends to cut down more than 600 jobs. The bank said it also created 195 jobs and the net job loss was 430. The move sparked reactions from the bank’s union Unite, which said this simply means that the bank wants to pay an IT worker in India less for the same work carried out in the UK. The bank already has thousands of IT staff in India. The cuts are part of three-year cost cutting plan announced in 2014, in which the bank said it would cut 9,000 jobs and close around 150 branches to focus more on its digital strategy and increase automated processes. The bank said it will close 21 branches in July 2016 as part of its announcement of 200 closures over 3 years, but it has said branches remain important to it.

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