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HBOS techies face worrying time after takeover

Published on Sep 22, 2008

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Following our recent coverage of contractor culls at UK banks, it seems inevitable now that IT workers at HBOS and other financial services companies will be worried about their jobs.

Back in August, we reported that, by year-end, 5% of the IT workforce of HBOS would be shown the door.

Now, given its acquisition by Lloyds, it seems likely that the number of HBOS techies is likely to be slashed by a much higher percentage as the merger of the two IT departments will require further cuts.

Mark Elliot, the head of media relations at HBOS was unable to tell The Register how many of the bank's 2000 strong workforce were likely to be made redundant, saying there were "all sorts of questions flying around about jobs. But right now we're stuck between a rock and a hard place."

In early August, we noted that a number of banks were implementing across-the-board rate cuts on IT Contractors.

Given the economic downturn most "experts" are predicting, many IT contractors may be wise to concentrate on securing renewals and less on rate increases.

Try our widely-read tips on contracting during an economic downturn.

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