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Lloyds to cut 700 IT jobs
IT News |
02/07/2009
Restructuring at the Lloyds Banking Group could lead to 700 IT jobs being lost, it has been revealed.
The bank is conducting a consolidation of its functions in light of the merger with HBOS which took place in 2008 and it is expected that this will lead to a total of 2,100 positions being cut.
Mark Fisher, director of group IT and operations at the Lloyds Banking Group, said: "By bringing the businesses together, we will be better placed for the future. Regrettably however, some of our colleagues will be affected by our plans."
Out of the 700 IT jobs expected to be lost, 400 are contractor positions.
Any cuts will take place over the next three years.
Recently, figures released by the Centre for Economics and Business Research revealed that IT jobs should avoid the worst of the cuts which will be seen in the UK's business services sector in coming years.
Posted by Stephen Wilkinson.
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