Banking News

UK banks shift jobs to India

UK banks shift jobs to India

(UK) Lloyds TSB has raised the ire of Britain’s trade unions by announcing it will cut jobs in the UK and create 1500 new jobs in India. Capitalising on lower labour costs at a time when competition in a maturing market is pressuring shareholder returns, the bank has established a pilot program in Bangalore and has flagged plans to build further operations in Hyderabad.

UK banks Barclays and Abbey National have gone down a similar path by setting up operations on the sub-continent. Barclays is looking at outsourcing some 1750 information technology jobs to India where it currently employs 150 data entry workers.

Lloyds TSB, which is currently in the throes of selling National Bank of New Zealand, has almost 80,000 staff in the UK but has warned staff that job cuts are likely.

Earlier in the year the BT Group announced it planned to relocate 700 call centre jobs to India but reneged on sacking staff when unions threatened strikes.

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