Lloyds to axe 4500 IT positions
(13 October 2010 – Global) Lloyds Banking Group has announced that the bank will reduce its IT staff numbers worldwide, as the group completes the integration of systems between Lloyds TSB and HBOS.
Overall the bank plans to cut 1,600 permanent staff in the United Kingdom, as well as a further 1,150 temporary and contract staff will see their positions come to an end.
Another 1,750 jobs will be lost from the bank's overseas operations in India and approximately two hundred of the UK permanent jobs will be relocated offshore, leaving the bank with approximately 2000 staff based in India.
The bank says the cuts, which affect 40 percent of the bank’s group IT division, will take place between now and 2012 as it complete the integration of IT operations with HBOS.
Most of the job losses are due to take place after next July, once customer accounts have been transferred from LTSB to HBOS operating platforms, at which point the jobs supporting many HBOS-specific platforms that are being decommissioned will be made redundant.
HBOS staffers will bear the brunt of the blow, accounting for around 90 percent of the job losses amongst permanent staff according to union estimates.
Some of the largest job reductions will be at HBOS sites at Edinburgh, Halifax, Leeds and Chester, as the bank halves the number of locations it houses IT staff functions from 24 to 12.
Mark Fisher, director of group operations at Lloyds, said in a statement that the changes the bank is putting in place will give us a world-class IT operation that will benefit our customers and all our other stakeholders.
We will work closely with the colleagues affected by today's announcement to help them through these changes. We have mitigated the impact on permanent staff with a significant release of temporary and contract staff, Mr Fisher added.
Another 1,750 jobs will be lost from the bank's overseas operations in India and approximately two hundred of the UK permanent jobs will be relocated offshore, leaving the bank with approximately 2000 staff based in India.
The bank says the cuts, which affect 40 percent of the bank’s group IT division, will take place between now and 2012 as it complete the integration of IT operations with HBOS.
Most of the job losses are due to take place after next July, once customer accounts have been transferred from LTSB to HBOS operating platforms, at which point the jobs supporting many HBOS-specific platforms that are being decommissioned will be made redundant.
HBOS staffers will bear the brunt of the blow, accounting for around 90 percent of the job losses amongst permanent staff according to union estimates.
Some of the largest job reductions will be at HBOS sites at Edinburgh, Halifax, Leeds and Chester, as the bank halves the number of locations it houses IT staff functions from 24 to 12.
Mark Fisher, director of group operations at Lloyds, said in a statement that the changes the bank is putting in place will give us a world-class IT operation that will benefit our customers and all our other stakeholders.
We will work closely with the colleagues affected by today's announcement to help them through these changes. We have mitigated the impact on permanent staff with a significant release of temporary and contract staff, Mr Fisher added.
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