Lloyds Banking Group Plc. the largest mortgage lender in the UK, will cut almost 600 jobs from their life insurance and pensions division. The job losses will be made due to a decision to switch administration from Lloyds in England to a company in New Delhi, HCL Technologies Ltd.
The bank emailed a statement that jobs in the life insurance and pensions sector would be moved out of the bank . The review of operations in Aylesbury will come as dismay to many pension employees who face a hard time getting another job in the sector.
Since Lloyds took over HBOS, the company has cut 13,000 jobs. The bank is now trying to reduce costs by billions. By doing so, the livelihood of many pension experts may be affected. A response from pension scheme unions may be forthcoming.
Lloyds will cut pensions jobs
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Lloyds will cut pensions jobs
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