593 IT jobs are to be cut and offshored to India by Lloyds Banking Group. The offshoring is also set to impact staff within IT across HBOS due to their merger with Lloyds TSB back in 2008.

Around 308 permanent IT jobs, and 205 UK contractual positions are being outsourced, with the company’s maintenance, service delivery and application developments teams to see the greatest losses.

Since the HSBOS merger Lloyds has cut nearly 5,000 IT jobs through integration of its multiple brand services, which has led to savings per year of more than £2 billion.

The LTU commented to its members, that, "It is disgraceful - and without any ethical justification - that the bank is offshoring yet more IT jobs abroad,"