Lloyds Enters Into an Alliance With IBM

March 15, 2017 6:48 pm | Updated 1 year ago.

IBM and Lloyds Banking Group are all set to enter into an outsourcing deal worth £1.3bn. The deal is for a seven-period and which help Lloyds to reduce its expenditures by £760m. Most of the work related to computer systems and about 1900 jobs will be outsourced. The aim is to make the entire functioning of the bank more agile so that it is able to adapt to changing technologies.

The Chief Information Officer of the Lloyds Banking Group announced that nearly 1,961 employees will be transferred to IBM.The departments that will be targeted are the data centers based out of Copley, West Yorkshire, and Edinburgh. There is a general concern among the customers who fear that important payment and trading will be managed by workers situated at an offshore location. A similar kind of deal has been put in place at Deutsche Bank as well.

Source: https://www.ft.com/content/8595e7a2-076f-11e7-97d1-5e720a26771b