As part of a cost-cutting exercise, Lloyds Banking Group is to offshore IT jobs to India, as part of the company’s move to outsource back office functions.

The offshoring of jobs by financial services organisations is expected to become commonplace in 2013, with a survey by CBI and PricewaterhouseCoopers revealing that 18,000 jobs are expected to be cut over the next quarter.

Barclays announced yesterday that the company would offshore back office staff and cut 2,000 staff globally.