Lloyds Bank offshores and axes jobs
It may be that António Horta-Osório, chief executive at Lloyds Banking Group, wants to increase his already large remuneration package of £8.54 million on the back of job cuts and the offshoring of jobs.
As it stands, Lloyds has recently announced cuts to 625 jobs across several divisions. This includes the offshoring of IT workers to India in what the general union Unite warned was a dangerous “race to the bottom”.
Up to 82 roles in IT departments are set to be transferred to the bank’s operations in India.
The latest job losses are just the latest tranche in the 9,000 job cuts announced by the bank in 2014 as Lloyds continues to swing the axe in the name of “efficiency”.’
Job losses will be followed by a recruitment freeze in several divisions, while many remaining staff will be asked to go through a new "assessment and selection" process, increasing worries of more job losses to come.
Other impacted divisions include consumer finance, commercial banking, group risk, and people, legal and strategy, impacting on back office sites in London, Brighton, Gloucester, Leeds, Halifax and Wolverhampton.
The job cuts are taking a heavy toll on the remaining workforce. Three-quarters (74%) of Lloyds workers have reported symptoms of work-related stress, while 80% report having to work additional unpaid overtime every week just to keep up with the rising workload, according to Unite.