Lloyds TSB to close down 3 offices, to cut 566 jobs |
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Thu, 16 Mar 2006 17:05
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LONDON: Britain's fifth largest bank, Lloyds TSB Group Plc., is shutting down three U.K. offices, eliminating 566 jobs, in its efforts to cut costs.
A bank spokesperson said the three offices that will be shut down by March next year are at Chorley, Newton Aycliffe and Glasgow. These offices largely handle administrative work, which will now be moved to larger offices like Andover, Birmingham and Gillingham. Operations in London and Tonbridge too will be affected.
The bank intends to save nearly 121 million pounds a year from its back office costs by 2010. It said it will try to accommodate the affected staff through redeployment in other operations.
The spokesperson said 105 jobs will move to India. The bank already has some 2,000 staff working in India. In the U.K. it has nearly 70,000 people on its rolls.
The bank's main trade union, LTU, in a posting on its website, said during the rest of the current year, many Group Operations staff will face the prospect of losing their jobs and many others can expect to move offices or change roles.
Lloyds TSB's rivals like HSBC and Aviva have shifted thousands of jobs to India taking advantage of lower labour costs and an educated workforce. Lloyds TSB too wants to control costs in order to absorb the slowdown in consumer lending and rising debts in the country.
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Mon, 18 Jun 2007 16:32:59 GMT (
andy Billington ) |
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I'm not at all surprised to read this, as a Lloyds TSB customer it has been all too clear over the last couple of months that some disaster had befallen their customer service capabilities. Now all is made clear. |
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Lloyds Bank to close down C&G office, move jobs to India 