LLOYDS Banking Group is hiring hundreds of IT engineers in India while planning to cut similar jobs in the UK, according to a report.
The bank aims to have 4,000 permanent technology and data employees in India by the end of the year, nearly half of its global engineering workforce, reported the Financial Times.
These employees will be based at a tech centre in Hyderabad, which opened in 2023. Lloyds is currently recruiting full-stack, cloud, and quality engineers for the facility as part of its IT transformation.
The bank recently warned 6,000 UK IT employees that their jobs were at risk due to a review of required skills. It plans to create 1,200 new high-skilled tech jobs, but employees must apply for them through a competitive process.
Lloyds has not specified how many roles will be cut but has acknowledged some workers will lose their jobs, FT reported.
Chief operating officer Ron van Kemenade said in a letter to staff that while many employees would transition to new roles, some would not secure positions due to skill requirements, location, and reduced demand.
Mark Brown, general secretary of Lloyds’ independent union BTU, criticised the decision, calling it “breathtaking hypocrisy.” He urged the bank to invest in training UK-based IT specialists through apprenticeships.
Other UK banks, including NatWest and Nationwide, have also shifted IT operations to India.
Lloyds is implementing these changes as part of a £4bn investment plan led by CEO Charlie Nunn, aimed at improving returns through digitisation and cost-cutting.
The bank has already announced plans to cut 500 jobs and close 136 branches this year.
Lloyds said the restructuring involves creating new roles, upskilling staff, and letting go of some employees who have contributed to the bank’s past success.
