Tech Exodus: Lloyds Bank to Relocate Thousands of IT Jobs from UK to India

Events & Jobs Events

Posted by NewAdmin on 2025-03-20 08:56:43 |

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Lloyds Banking Group is expanding its technology operations in India, hiring hundreds of IT engineers while downsizing similar roles in the UK. By year-end, nearly half of the bank’s global technology workforce will be based outside the UK. According to an internal Financial Times presentation, Lloyds plans to have 4,000 permanent technology and data employees in India, working from a Hyderabad-based technology center opened in 2023 as part of its digital transformation initiative. New hires include full-stack, cloud, and quality engineers.

Simultaneously, Lloyds is restructuring its UK IT division, affecting 6,000 employees. The bank announced plans to create 1,200 new high-skilled tech roles, but these positions will require employees to reapply in a competitive process concluding this month. While some employees will transition into these roles, others face redundancy due to changing skill requirements and reduced demand. Ron van Kemenade, Lloyds' COO, acknowledged the challenge, noting that factors like skills and location would impact outcomes.

The move has drawn criticism, with Mark Brown, BTU’s general secretary, calling it "breathtaking hypocrisy" and urging the bank to train local IT talent through apprenticeships. Lloyds is following a trend seen in other UK financial institutions like NatWest and Nationwide, which have also relocated IT roles to India.

Part of Lloyds' £4 billion digital strategy under CEO Charlie Nunn aims to boost profitability by reducing reliance on interest rates and cutting costs. This includes 500 job cuts, the closure of 136 UK branches, and two offices. Lloyds stated these changes involve upskilling, creating new roles, and parting with valued employees who have contributed to its past success.

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