New Delhi, March 8: Lloyds Banking Group is reportedly planning to lay off IT jobs in the UK while expanding its technology workforce in India. The development by Lloyds will likely result in almost half of their global tech employees being based outside of the UK by the end of the year. Lloyd's layoffs can be seen as a plan to restructure its IT operations and invest in digitising the bank.

As per a report of Financial Express, Lloyds Banking Group is in the process of hiring hundreds of IT engineers in India while simultaneously planning to reduce a similar number of jobs in the UK. It highlights the bank's strategy to shift some of its operations overseas. The bank has not specified the exact number of UK roles that will be eliminated but has acknowledged that some employees will lose their jobs as part of the restructuring process. JioStar Layoffs: India’s Largest Media Conglomerate To Lay Off 1,100 Employees After Merger, Multiple Departments To Be Affected, Says Report.

The bank plans to have around 4,000 permanent employees focused on technology and data in India by the end of the year, according to a report of Financial Times. These employees is said to be located at a tech hub in Hyderabad, which was opened in 2023. Lloyds is currently recruiting for various roles in Hyderabad, including full-stack developers, cloud engineers, and quality engineers positions. DHL Layoffs: German Logistics Giant To Cut 8,000 Jobs Amid Profit Decline, Aims To Save 1 Billion Euros by 2027.

Lloyds is restructuring its IT department in the UK. Reports indicate that last month, 6,000 employees in its UK IT division were notified that their jobs were at risk as the bank reviewed the essential skills required for its engineering roles. Lloyds also intends to create 1,200 new high-skilled technology positions. However, employees will need to apply for these roles through a competitive selection process, which is set to conclude this month. Other UK financial institutions have also moved jobs to India. As per reports, NatWest employs over 17,000 employees in Bengaluru and Gurugram.

(The above story first appeared on LatestLY on Mar 08, 2025 01:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).