Lloyds Banking Group is set to transfer hundreds of skilled IT jobs from the UK to
India by the end of 2025, nearly doubling its tech workforce in India to 4,000. This strategic move
is part of the bank’s broader IT overhaul, aiming to digitize operations and reduce costs.
Consequently, around 6,000 UK-based IT employees were notified that their jobs are at risk,
although the bank plans to create 1,200 new tech positions for which existing staff will need to
reapply. Despite the promise of new roles, some UK workers are expected to lose their jobs, leading
to accusations of hypocrisy from union leaders.
This transition aligns with similar trends by other UK financial institutions transferring jobs to
India. It is part of Lloyds’ £4 billion investment plan under CEO Charlie Nunn to improve returns
and reduce reliance on interest rates. The bank’s decision reflects the growing importance of India’s
tech sector in global operations, highlighting the country’s role as a hub for skilled IT professionals.