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1,000 British bank jobs for India

Last updated on: November 09, 2004 20:26 IST

Lloyds TSB, the British banking major, said on Tuesday that it plans to transfer about 1,000 more British jobs to , to Bangalore and Mumbai in India by 2005-end.

The bank will employ about 2,500 employees in India by late 2005. It already has 1,500 employees in India.

Most of the jobs being shifted to India are from the bank's information technology and group operations departments and from its insurance company, Cheltenham and Gloucester.

The move will result in some of the British staffers' jobs being replaced by those created in India, but the bank said that workers in the United Kingdom will not lose their jobs and be redeployed elsewhere in the group.

Lloyds TSB has 77,000 employees in Britain currently.

Workers' unions have, however, protested the move saying that this is first step towards export of more jobs. Many British companies are moving jobs offshore, especially to India and China, in a bid to cut costs. Sending jobs to low-wage locations results in big savings for companies.

Lloyds TSB currently employs 77,000 people in the UK.