LONDON: British bank Lloyds TSB Group Plc said on Tuesday it expected to have 2,000 to 2,500 jobs in India by the end of next year, raising its target from 1,500 by end-2004 and underlining the continuing trend for outsourcing labour.
Britain's fifth-largest bank by assets said some of the jobs would be newly created IT posts, but many would replace existing back-office positions in Britain. Lloyds employs 77,000 people in the UK.
Thousands of British jobs have been shifted to low-cost, offshore centres such as India in recent years, and financial services groups, which have large back-office administrative jobs, have been leading the exodus.
An industry report showed that British business is facing increasing pressure to move jobs abroad to cut costs, and India and China are the top destinations. But the report, by the Confederation of British Industry, also showed that Britain has been able to replace those jobs and add even more.
A Lloyds spokeswoman said any employee affected by the outsourcing would be guaranteed a job elsewhere in the group.
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