Lloyds are set to make a further 600 people redundant to cut costs. Having announced the first round of cuts in November, the bank is planning to make 9,000 positions redundant in total.
Around 80 of these will come from the IT department, which the bank is planning to offshore to India. With several other major banks suffering a number of glitches while offshoring, there are concerns this could lead to more problems not less.
The question is, how do businesses cut costs without losing the ability to react quickly in an ever changing business environment?
To become more agile, IT Depts and the Business must work more closely together and where possible, the business should be empowered to create and modify internal processes. This will significantly reduce time to production, costs and ensure the final solution meets requirements.
To support this businesses need to have an agile technology stack, where simple changes can be made via configuration rather than coding.
With regulation changing at an increasingly rapid rate alongside rising customer expectations, businesses need to be in a position to adapt quickly. Utilising the right technology is key to ensure they stay ahead of their competition and the new digital disruptors that are bound to arrive.
Lloyds Banking Group is making a further 625 people redundant as part of a restructure that will result in a 10 per cent reduction in headcount. Around 80 of the jobs being cut will come from the IT department, which the bank is planning to offshore to India in what union Unite has dubbed "a dangerous race to the bottom", noting the number of glitches that several major banks have suffered in recent months. Other affected divisions are thought to include group operations, risk, group finance and group strategy.