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News - 31 October 2003
Banking on Lower Overheads in India

Lloyds TSB Join the Exodus to the East

Lloyds TSB is to cut nearly 1000 jobs and close one of its call centres in Newcastle as it transfers work to India

Lloyds is the fourth largest bank in the UK and it joins HSBC in declaring its intention to establish a presence of 1,500 workers in India by the end of 2004. The success of a pilot scheme in Bangalore which employed 250 people has encouraged Lloyds to take the plunge. Operating in a cut-throat environment it is tempting for all financial institutions to consider the “India option” because costs are a fraction of those in the U.K. Abbey National and Prudential also outsource significant amounts of back office processing to offshore locations.

The Brighton & Hove Economic Partnership is talking to major call centre employers about the role of the sector in the local economy with a view to exploring ways to ensure it remains in the city.

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