Stay informed of free updates
Just register at British banks Myft Digest – Delivered directly in your reception box.
Lloyds Banking Group hires hundreds of computer engineers in India while planning to reduce hundreds of jobs similar to the United Kingdom, in a decision that will lead to almost half of its engineers based on its family 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 observed by the Financial Times. This will represent almost half of the world total of these jobs, according to a person familiar with the plans.
They will be based in a technological center in Hyderabad which opened its doors in 2023, in what the bank called a “pivotal moment of our overall transformation course”. He recruits roles in Hyderabad which include complete engineers, cloud and quality: highly qualified jobs.
The hiring madness in India comes while the bank, which is marketing under the slogan “helping Great Britain to prosper”, is halfway through a redesign of its computer function.
Some 6,000 employees of the IT department of the United Kingdom of Lloyds received a warning last month that their employment was in danger because the bank carried out a “skills required for each critical role in our families of engineering jobs”.
The bank plans to create 1,200 new technological jobs highly qualified in the examination, according to a person familiar with the plans. However, the staff will have to apply for these jobs and enter a competitive selection process due to the end of the month later.
Lloyds has not said how many roles he plans to reduce in the United Kingdom, but has confirmed that some workers should lose their jobs.
“While many colleagues will go to these new roles, we expect some that some will not get a role thanks to this change, considering the skills, the location and the reduced demand for certain roles,” said bank operating director Ron Van Kemenade, in a letter to the employees last month.
Mark Brown, secretary general of BTU, an independent union of Lloyds, said that the bank “did exactly the opposite” to help Great Britain to prosper and the accused of having “breathtaking hypocrisy”.
Brown called on the bank to undertake to train in place of local IT specialists with learning.
Other British banks and construction companies have already moved operations in India. According to its annual report, more than 17,000 Natwest employees are based in Bengaluru and Gurugram, while Nationwide has also transferred certain computer jobs to India.
Lloyds seeks to improve yields by digitizing its operations; Be part of a larger investment plan of 4 billion pounds sterling led by the CEO Charlie NUNN, which involves stimulating the income from areas less closely linked to interest rates, as well as to reduce costs.
As part of this campaign, the company has already declared that it planned to reduce 500 jobs this year, in areas ranging from customer service to sustainability. Rue Bank also said that it would close two offices and close 136 additional branches in the United Kingdom.
Lloyds said: “Make changes not only to create new roles and colleagues for implementation, but also to say goodbye to talented people who have been part of the group’s success in the past.”
