 |
Professional Indemnity Insurance
PI Insurance for contractors + public and employers' liability cover - find out more. |
Massive IT contractor cull at Lloyds Banking Group
Posted Oct 13, 2010
In one of the largest single contractor headcount culls ever, Lloyds Banking Group (LBG) has announced plans to cut jobs at its Group IT Division by 40%, which will include 1,273 permanent roles, 998 IT contractors, and over 1,700 IT roles currently based in India.
This latest announcement will take the total number of job losses to 22,800 since Lloyds TSB and HBOS merged at the beginning of last year.
LBG IT job cuts - in figures
- 4,008 Group Information Technology jobs will be slashed out of a total workforce of 10,000
- These IT job losses will consist of the roles of 1,273 Permanent Staff, 998 Contractor Staff and 1,737 roles now based in India.
- The Bank's Group IT function is to pull out of half (12 out of 24) of the sites it currently operates from and make substantial job reductions in many of those sites remaining.
- The Bank's HBOS sites will bear the brunt of these job reductions, accounting for around 90% of the job losses amongst permanent staff. Some of the largest job reductions will be at HBOS sites at Edinburgh, Halifax, Leeds and Chester.
- The jobs of 291 UK-based staff are being transferred to India. This will leave almost 2,000 IT jobs remaining in India, together with thousands of other back office and processing roles.
- A further 554 processing roles in the Bank's Group Operations Division are also being cut, consisting of 406 roles filled by Permanent Staff and 148 by Temporary Staff.
A major blow to the wider IT sector
According to the Lloyds Trade Union, most of these job losses will take place next summer, and the axe is most likely to fall heaviest on HBOS staff:
"Whilst it is correct that the number of offshored jobs (in India) is also being cut, the work of 291 staff that could have been retained in the UK is being transferred to India.
"It is disgraceful that at a time when such considerable numbers of LBG IT Staff (Permanent and Contractors) are about to lose their jobs, the Bank should nevertheless still be transferring the jobs of existing staff to India."
"No-one should underestimate the blow dealt by this announcement to the wider IT jobs sector..."
Contractor Services
- Professional Indemnity Insurance - Essential cover from Hiscox
- Helix Management Ltd - Up to 90% retention. Same day payments.
- Contract Experts - ClearSky Accounting on 08000 325 326
- InTouch Contractor Accounting - personal service & clear advice
- Parasol - the UK's favourite umbrella company
- Umbrella Company - 12,000 contractors can't be wrong!
- Together we're stronger! - Join PCG, representing contractors
- Cloud 9 Group - Umbrella Solutions only £27.50 per week
- Qdos - IR35 experts - Providers of low cost contractor insurance
- K & B Accountancy Group - Fixed fee contractor accounting only £75pm
- Free IR35 & Tax Review - Call ICS on 0800 195 3750
Related Articles
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
