Lloyds Banking to move 1k jobs to TCS subsidiary

The Lloyds said the move was part of a push to develop better digital services for customers with insurance, pensions and investment products. “The new platform will make managing heritage products simpler and more efficient for LBG customers,” Lloyds said in a statement, adding that “staff will be able discuss the non- contractual arrangements with Diligenta over coming months”.

The move, which affects staff based in the Bristol and Edinburgh offices of Lloyds’ Scottish Widows and Clerical Medical divisions, has come under criticism from workers’ unions.

“The wholescale transfer of 1,000 Lloyds Banking Group staff to Diligenta is betrayal of these workers,” said Rob MacGregor, national officer at Unite union.

“The bank’s ‘sale’ of its committed Scottish Widows and Clerical Medical staff represents contempt for long serving and skilled employees,” he said.