Britain’s Lloyds Banking Group plans to establish a team of 4,000 information technology engineers in Hyderabad, India, by the end of 2025. This means that nearly 50 percent of Lloyds’ engineers will be working outside of Britain by that time. This shift will result in significant job cuts in the UK, as the bank undertakes major restructuring.
The bank is actively seeking talent with specialized skills in full-stack development, cloud computing, and quality engineering in India. The Hyderabad tech hub, which opened in 2023, is a key part of Lloyds’ expansion strategy in the country.
Recently, Lloyds informed around 6,000 British employees that their roles and skills would be reassessed, indicating that job cuts are on the horizon. The exact number of jobs that will be eliminated or reassigned has not yet been disclosed.
As part of the restructuring process, Lloyds intends to create 1,200 new positions that will require highly skilled tech professionals. Applicants for these new roles will face a rigorous selection process, which is expected to conclude later this month.
Ron van Kemenade, the chief operating officer of Lloyds, has communicated to employees that some roles will inevitably be impacted due to reduced demand. While British unions argue that the bank should focus on training IT specialists in the UK rather than moving jobs abroad, Lloyds maintains that changes will necessitate job cuts alongside the creation of new roles. The bank has been emphasizing digitization and cost-reduction measures recently, having already let go of approximately 500 employees across various divisions this year, and closed two offices and 136 branches in Britain.
