Lloyds May Move 1,900 Staff to IBM to Cut Costs

Lloyds Banking Group plans to move about 1,900 staff to IBM in a restructuring plan aimed at reducing costs but which could see the bank's security weakened.

Lloyds Trade Union said that the transferred employees would be kept on for a year, but most would lose their jobs after four years. The union said the move could weaken the bank's "existing security controls" and impact on the confidentiality of customer data.

Chief executive officer Antonio Horta-Osorio is looking to shed thousands of jobs to streamline the business, support dividend payments and boost the share price as the government prepares to sell down its remaining stake in the bank this year.

In January, Lloyds was hit with a cyber-attack that caused intermittent outages to customers of its personal banking websites, a source familiar with the matter said at the time as banks continue to look at ways to improve online security after a series of incidents over the past few years.


(Image Courtesy: Pixabay.com)

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