Britain’s Lloyds Banking Group will have a 4,000-strong team of information technology engineers in India working out of Hyderabad by end of 2025. That means almost 50 per cent of Lloyds’ engineers will be working from outside Britain by the end of the year. This shift also means that thousands of jobs will be cut on its home turf and major restructuring is underway. The bank is already on the lookout for talent with specialised skills in the areas of full-stack, cloud and quality engineering in India.
The tech hub in Hyderabad that will house these techies was launched in 2023 as part of Lloyds’ expansion in the country.
The bank reportedly had indicated to its British employees of job cuts recently, conveying to about 6,000 employees that roles and skills will be reassessed. Exactly how many jobs will be cut and how many employees will be reassigned to new roles has not been revealed yet.
As part of the restructuring and review exercise, the bank intends to create 1,200 new roles that will require highly-skilled techies. It has already clarified that those applying for these positions will have to undergo a tough test and selection process, which will end later this month.
Ron van Kemenade, chief operating officer, Lloyds, had reportedly informed the workforce about the changes that are inevitable and conveyed to the employees that some roles will be impacted because of reduced demand for them.
While British unions feel that the bank should be training IT specialists in Britain itself instead moving roles outside, Lloyds maintains that changes definitely lead to some job cuts even while creating some new roles. The bank has been focusing on digitisation and cost-cutting measures of late. It has already let go about 500 people across various divisions this year and closed two offices and 136 branches in Britain.
